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Woolworths goes into administration

It has been revealed that UK retail giant Woolworths has gone into receivership which has put up to 30,000 jobs at risk. The 815 stores and the Entertainment UK distribution business are directly affected by today's decision although the main Woolworths holding company is not in administration and continues to trade via their joint-venture with the BBC.

While this move is not unexpected it does highlight the issues which today's retail giants are experiencing and the fact that debt, which has increased over the last decade, has now forced many into serious decisions. The Woolworths business as a whole appears to have debts of around £385 million and while there have been frantic discussions to try and find new investors or sell the business as a going concern these appear to a fallen flat.

The writing seemed to be on the wall early today when the shares were suspended by the London Stock Exchange pending discussions about the future of the group. As a number of avenues have already been exhausted with regards to refloating the business there seems little likelihood that anybody will step forward and buy the operation as a going concern.

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