Job losses as Woolworth's announces closure

18/12/2008

Woolworth's is to close next month, after no private buyer for the firm was found.

The retail chain entered administration in November, under pressure from the financial downturn.

Around 27,000 staff now seem set to lose their jobs - with all 807 Woolworth's branches to be shut by January 5th.

Of the job losses, 22,000 will be permanent staff and 5,000 will be temporary workers.

The figures were contained in an announcement from administrators Deloitte yesterday.

Joint administrator Neville Khan said: "I guess it is a very difficult situation for a lot of people, particularly the staff, and we are trying to deal with it in as sensitive a way as possible."

There is some hope for Woolworth's staff, however.

Buyers have expressed interest in taking over around 300 of the store's branches - and Mr Khan said that employee details would be passed on to the new owners.

Tags; Young Family Finances, Job loss,

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