25,000 'face axe at Woolworth's'

11/12/2008

Ailing retailer Woolworth's has offered its clearest signal yet that its 25,000 employees' jobs are on the line - by launching a closing down sale.

The promotion began at the firm's 813 UK stores, with electronic goods, CDs and toys all sharply discounted.

Woolworth's entered administration earlier this month - and is currently on offer to interested private buyers.

However, administrators Deloitte have suggested that branches could begin closing later this month if no buyer for the debt-saddled firm is found.

Nick Hood from retailing analysis firm Begbies Traynor said that he didn't hold out much hope for the firm's survival.

"This has been a failing brand for a long time," he commented.

"It's been very, very difficult - it just hasn't been as fleet footed as many of its rivals."

Mr Hood added that much of the retailer's "core" business - CDs and DVDs - had suffered due to the rise of the internet and online shopping.

Tags; Job loss, Recent Graduate Debt,

• Share
• 
• 
• Store
• 
• Follow
•