About 30,000 jobs at risk at Woolworths UK
Publication:
Wednesday, 26 November, 2008 - 00:00
chiefofficersnet
Around 25,000 jobs at Woolworths retail arm and 5,000 at the entertainment division are under threat as the 800-store retail giant collapses as the UK economy founders.
Woolworths suspended its shares this morning amid the failure of an attempt to find a buyer.
A board meeting has been fixed for tonight with a view to appointing Deloittes as administrators.
As the company has hundreds of millions of pounds in debt, it's likely that there will be mass closures of the high street shops and most of the staff made redundant. The only saving grace for some will be a fire-sale for stock which cannot be returned to manufacturers, meaning that there will be work at those shops designated as centres for disposal of products.