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Woolworths shares suspended

Woolworths has has trading of its shares suspended this morning as talks to rescue the beleaguered high street retailer continued.

Woolworths confirmed in a statement that the board remained in talks about the possible sale of its retail business. Woolworths is understood to be in discussions with restructuring specialist Hilco to sell the retail chain for £1.

Woolworths added that it is also in talks regarding a possible sale of its 40% interest in its 2 Entertain joint venture with BBC Worldwide. 2 Entertain is Woolworths' CD and DVD distribution business.

Woolworths said both sales were subject to the approval of its lending banks.

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