Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Search for buyer for Woolworths begins

Woolworths administrator Deloitte has received several expressions of interest for the high street chain, which collapsed last night.

Administrator Deloitte said it had already received several expressions of interest from a number of parties for Woolworths' retail and wholesale businesses. It added that its stores will continue to trade beyond Christmas.

Woolworths fell into administration last night after failing to secure a sale. Hilco had been in talks with Woolworths about buying the chain for £1 and assuming a large proportion of its £385 million debt. Hilco has now been appointed by Deloitte to assist in managing the business during the administration process.

Deloitte reorganisation services partner Neville Kahn said: "Woolworths has suffered a number of cash flow problems. Strenuous efforts over recent weeks to keep these companies going have unfortunately failed and the businesses are now looking to be rescued under the administration process."

"We have mobilised a large Deloitte team to stabilise the business and have hired Hilco as our agent to assist in the management of the retail business. We appreciate the cooperation and support from the management and staff at both companies. We are glad that arrangements are in place to ensure that all wages will be paid in full this week."

Woolworths' administration puts 800 high street stores and 25,000 retail staff under threat. Woolworths' E.UK wholesale business has also been put into administration.

Woolworths Group, the parent company, is not in administration and remains in talks with BBC Worldwide relating to the possible sale of its 40% interest in 2 Entertain.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.