Woolworths ... Gone?

[Lycan]

http://news.bbc.co.uk/1/hi/business/7751064.stm

Into Administration.. well i guess at this stages its 'Unoffical' administration but as it says i'm sure they'll be an offical annoucement about it from the parent company later tonight

Although Now its 'Offical' according to BBC news "End of Woolworths as we know it" "Only a few hundred stores to emerge from this" "tens of thousands thousands of Job Losses"


MFI have gone into administration

http://news.bbc.co.uk/1/hi/business/7750250.stm

Anyone work there?

[EverSteve]

it was still open at half 4 when i went past it at Doncaster.

[Geraint]

it's been in the **** for ages. they've been looking for a buyer for ages. they were even selling it at £1 but no buyers would risk it.

[scottish]

It was meant to be sold for £1 lol.

Its in 385m debt so :P

MFI also set to go into administration :)

[68-99-08]

it was still open at half 4 when i went past it at Doncaster.
:rolleyes:

[Retroduck]

My friend was telling me today her friends lost his job because of it.

[Clowgon]

It was meant to be sold for £1 lol.

Its in 385m debt so :P

MFI also set to go into administration :)

its only worth 50-80 mill too. If only i had 80 Million.... :P

[Cwmbran]

£1 you say.

Hmm, if I was to buy this would the debt be attached to the shop or the previous owner?

[Lycan]

£1 you say.

Hmm, if I was to buy this would the debt be attached to the shop or the previous owner?


Attached to you, which is why no one would buy them

[scottish]

Woolworths shares are currently worth 1.22p lol. they get about 2.74bil revenue (from 06) a year.

[kk.]

it would be attached to you

and i guess when it gets bought, (if), i would buy shares IMMEDIATELY

[scottish]

If it gets baught shares will rise.. atm shares are suspended so you can't buy or sell, but if i had shares i'd keep them as in the future they are going to raise again if it gets bought.

[Technologic]

i bet stock will be sold off well cheap.

cheap Pick n' mix ftw!

[Wayne]

I hope stock will be cheaper. :P

[Foals]

it already is really cheap lol, some of the toys are 10p, i work there.

[Bun]

it already is really cheap lol, some of the toys are 10p, i work there.
for how much longer? :eusa_danc

[Clowgon]

i bet stock will be sold off well cheap.

cheap Pick n' mix ftw!

Your bang on target! :P

I think Woolworth's need to improve there stuff in the store, they have too much stuff in what the consumers are not looking for. I think i should be their financial adviser. - I can turn this baby around. :P They should introduce store cards.

[Andeeh]

Not really a suprise but yeaa gna be good that loadsa cheap stock :)

[Jord]

Great, Nowhere to get stuff now.

[Earthquake]

OMG MY FATHER WAS IN A MEETING AND WAS DECLINED AN OFFER TO BUY THEM HAHAHHAHHA!!!!! CHECK MSCON IF YOU DONT BELIEVE ME!!!

[scottish]

Nice lie.

[Pyroka]

It's a shame, I know a ton of people who work in Woolworths and they're very dependant on the money they get from there. Woolies just didn't move with the times, it was too varied and when you have specialised places to get products cheaper, you're going to get less business.

Cheap pick n mix though, omgz. They might be selling games dirtcheap too.


The stores will stay open past Christmas and workers at the outlets will be paid. Woolworths Group Plc hasn’t sought protection from creditors.

That was off Bloomberg. (http://www.bloomberg.com/apps/news?pid=20601087&sid=a.oYFf..z6rI&refer=home)

[scottish]

Wasn't it made in 1909, meaning it's 100th birthday would be next year o.0, shame.

[Pyroka]

Yeah, it would've been. Their first shop was opened in Liverpool. It's a real shame, but they didn't move with the times and suffered for it.

[Monopoly]

Games and CDs and stuff probably won't be going cheap according to ITV last night.
apparently that area still makes a profit and they have other stores which aren't under the woolworths name for games, dvds etc that make good profit.

[Pyroka]

DAAMNNNIT.

Good riddance then LOL.

[Monopoly]

Meh, i think there problem is that they don't have anything that makes you think "Woolworths". you know like if you say games no one things "woolworths", if you say toys you don't think woolworths. it's a shame really.

[Tim.]

Theyre staying open until later on. They wont shut until everything is sorted. its not definiate however its pretty likely.

[Sulai]

rest in peace.

A real shame, a traditional english store gone.

[blanky12!]

i went into woolies bedford today, they was selling brand new xbox games for £25.00 includes cod 5, gears 2.. etc

edit
1,500 posts!!!

[-Sweex]

awww. RIP WOOLWORTHS

they have been there for as long as I can remember.

so sad:(:(:(:(

[Imp!]

Oh rage woolworths was useless apart from the flexi-rulers lol

[scottish]

The government is working to ensure that Woolworths stores remain open over the Christmas period, Prime Minister Gordon Brown has said.

He said arrangements had been discussed to ensure staff would still be paid and employees threatened with redundancy would be helped to find work.

Administrators were appointed to the struggling chain on Wednesday.

Woolworths was dealt a further blow when lottery operator Camelot stopped selling tickets through its shops.

Camelot said it had suspended trading with Woolworths with immediate effect, "pending the company finding a satisfactory resolution to its current trading difficulties" .

The decision means that Woolworths will no longer be able to sell National Lottery tickets and scratchcards, or process prize claims.

Although the stores will stay open until after Christmas there is still concern over the future of Woolworths' 30,000-strong workforce.

The prime minister said: "The important thing is in the long-run that employees in this company - where the businesses and the shops are not going to stay open in the longer term - can get other jobs quickly.

"That's why we're going to move in immediately to give advice to employees in the company."

'Interest'

Accountancy firm Deloitte, who have been appointed as administrator, said the search was on for a suitable buyer for Woolworths' stores and the Entertainment UK business, which supplies DVDs to supermarket groups.

"In the last 24 hours, we have received expressions of interest from a number of parties for both the retail and wholesale businesses," said Dan Butters, who works for the administrator.

The company had tried to sell itself for a nominal price of £1 to Hilco, a restructuring firm, which would have taken on the firm's debt, but this deal fell through.

Deloitte said Woolworths' employees in stores would be paid.

Woolworths' 815 stores and four distribution centres employ 25,000 staff, while Entertainment UK employs about 5,000 people.

Woolworths' publishing joint venture with BBC Worldwide, 2 Entertain, and its book wholesale arm Bertram have not been put into administration.

The firm said it remained in talks to sell its 40% stake in 2 Entertain to BBC Worldwide, the BBC's commercial arm.



See how Woolworths' shares plunged during the past year
'Eye of storm'

Woolworths is not the only retailer suffering in the current climate. Analysts think more companies could face collapse.



Shoppers: 'To see it go would be very sad'
"The eye of the storm has moved on from the banks to the retailers," said Keith Bowman, an analyst at Hargreaves Lansdown Stockbrokers.

Furniture chain MFI has also gone into administration. It blamed falling demand for big ticket items, cash-flow problems and the withdrawal of credit
The owner of Currys and PC World, DSG International, has reported a half-year loss of £29.8m, blaming a "tough and volatile" trading environment
Retail group Kingfisher said sales at its B&Q home improvement chain were down nearly 9% amid the slump in consumer spending and the housing market
There are also fears that Woolworths' demise could spark a price war if the administrators slash prices to shift the company's stock.

BBC business editor Robert Peston said this would be good news for shoppers but could be devastating for weak competitors.

Struggle

Woolworths had cash flow problems and struggled under the weight of its £385m of debt.


Its problems were compounded in the past couple of months when it was forced to pay cash when buying goods from suppliers, because trade credit insurers were no longer prepared to insure suppliers to Woolworths.

Robert Peston said that Woolworths had been one of the UK's weakest retailers for years.

But the sudden deterioration in the real economy and financial markets had triggered its demise.

"It's the suddenness of how everything turned bad that shocks and this means Woolies will not be the last casualty," he said.




WOOLWORTHS FACTS


First UK store opened in Liverpool in 1909
Has 815 stores across the UK
Owns 40% share of publisher 2 Entertain
Owns distribution business Entertainment UK



WHAT IS ADMINISTRATION?
A rescue mechanism for UK companies in severe trouble. It allows them to continue as a going concern, under supervision, effectively to try to trade out of difficulty.


What administration means for you
Credit crisis glossary
Read Robert Peston's blog

According to bbc news ;}

[Ashley 12344]

Is the post saying about cheap games true?
Can't see it personally - one of the only things I'd expect not to be cheap.

[Jord]

I doubt it game prices will go down.

[blanky12!]

I doubt it game prices will go down.
They're quite cheap.. well what i saw on wednesday.

[Jord]

They're quite cheap.. well what i saw on wednesday.


how cheap would you say.

[blanky12!]

how cheap would you say.
cod 5 + gears of war was £25 each

[Jord]

cod 5 + gears of war was £25 each

Hmm I wasnt expecting that with cod5 but gow I could see it coming.

[Wayne]

I went in Woolworths today and video game prices are still high.

[scottish]

If they sold games and stuck proper cheap then it would mean they'd lose more which would cause even more debt ;P

[Wayne]

Well yeah, but they might as well sell cheap if they're gonna close. No point keeping stock.

[scottish]

They need to pay alot of their creditors aswell, so can't give all stock away cheap and have 400m debt to creditors.

[Wayne]

They could just do some factoring or something.

[Hated]

Im gonna go tommorrow see if i can get any cheep toys

[Dan2nd]

I'll repeat what I said in the other thread:



I think it's really sad that Woolies could end up closing in the new year, from about the age of 4 I'd go shopping with my mummy and I'd go in there and buy a bag of pick and mix and now years later whenever I go into town to go get some clothes or something I pop in and get some I just don' know what I'll do if they close a shopping trip with out pick and mix is like a sandwich without bread :'(



so yeah I think it sucks =[

[Hated]

I went today everything is still full price ;(

[Niall!]

Hmm I wasnt expecting that with cod5 but gow I could see it coming.

GoW has an equal fanbase to CoD lol

GoW was wanted more thzn CoD5 by most people

[Titch]

Haha, as some of you know i posted last month saying MFI where going to adminstration and my dad lost his job, (he was the manager). He now works for the administrators that are closing them down ROLF, he has 3 stores to work with and they are all stores he has worked at for over 5 years each and all his friends he has to fire, i feel kinda sorry and happy for him at same time lol. :P

[Phoenix11]

its a shame.

[Wayne]

I went in Woolworths today and it had a sale on of upto 50%. Queues were really long. Video games had 10% off, toys had 20%, CDs have 10%, chocolate and Christmas stuff had 10% too.

[Pyroka]

Theyre having a 30% sale last time I checked... Rumours they're shutting down on Sunday, but hey idk.

[Wayne]

Yeah, they were going to try and stay open for Christmas but I doubt they will.

[Titch]

Dad got given 14 woolworths in london area today to take over and the aim is to keep them open untill December 30th and if i buyer is not found, they will then be shut down. Big Sales start after xmas acording to him.

[Retroduck]

Went to woolworths today cos i saw the sale sign, longs ques everyone going mad buying toys.

Some Cds were £5.

[Wayne]

Theo from Dragon's Den was going to put in to buy Woolworths but he backed out.

[Jam]

He was only offered 10% of the profits.

[Titch]

Theo from Dragon's Den was going to put in to buy Woolworths but he backed out.

Actually he is still negoating terms. Richard Brandston has also layed down his intrest to the adminstrators.

[luce]

I know someone who works part time in the one over here and te aren't getting nay more stock in :(!

[Ajthedragon]

Bye wooly! :D

[CrazyColaist]

nooo i love wollies!


especialy the dog and sheep adverts :D!

[Plank]

Looks like it won't be around for much longer.

http://news.bbc.co.uk/1/hi/business/7776113.stm

Woolworths is to hold a store closure sale in all its 815 outlets from Thursday amid growing concern that a buyer will not be found for the firm.

[iAdam]

Ex-Kingfisher boss is bidding for 500 stores and alot of debt. Woolowrths is always in debt around this time of year and the lack of people buying hit them. A long lost treasure I say.

[Falcon]

Was in there today, i just realised what was woolworths actually good for..? All the useless crap of the year is sent in there.

[Stefy]

Lol I think they are trying their hardest to get rid of everything at my woolworths.. my mum went in there and bought some stuff, went to the checkout, got home, got the stuff out of the bag and realised they'd given her an extra bag of random £1 stuff

[The Cullens]

Our woolworths closes xmas unless we get a buyer. Hopefully we will! I ♥ WOOLIES

[Eight.]

Does anyone know if there are any sales on game consoles would be pretty cool if it was 50%, I'd probably get the Xbox Elite and PS3 80GB. That truly is a christmas present.

[deeveeNoh]

we were told at the end of today closing down sale starts from tomorrow and some stores will more than likely be closed by the end of december. nothing is certain still but it's looking as if we're gonna be gone soon, but hopefully notttttt.

[Falcon]

The shop is totally pointless, you could of got most things cheaper elsewhere? I couldn't believe how much crap they stock..

[Janet Snakehole]

yeah i went in today, got quite a few bits actually, was alright :)
just got a text off my friend though; "all our woolworths are closed from tomorrow onwards apparantly x"

thats bad that.

[iAdam]

Does anyone know if there are any sales on game consoles would be pretty cool if it was 50%, I'd probably get the Xbox Elite and PS3 80GB. That truly is a christmas present.

Consoles, No. Do you really think they'd knock half off their best selling items? it's like 10% which they have been offering for a while. -.-


The shop is totally pointless, you could of got most things cheaper elsewhere? I couldn't believe how much crap they stock..

They sold most of the good stuff now so it's gonne be crap for a while.


yeah i went in today, got quite a few bits actually, was alright :)
just got a text off my friend though; "all our woolworths are closed from tomorrow onwards apparantly x"

thats bad that.

Not closing, just a closing down sale unless they find a buyer.

[J0SH]

I heard on the news it is closing tomorrow, they're doing a massive sale and everything must go, I'm gonna go after school see if I can pick up a few DVD bargains or something, my mums friend from FaceBook works there and she has confirmed they're closing so she's gonna be without a job. :eusa_whis

[iAdam]

My dad works there, the letter they got from deloitte says they are intiating the closing down sale, yes. However they are still trying to find a buyer in the next few days.