Woolworths UK to close quarter of stores

The end for Woolworths, a century-old British retail institution, will move a step closer on Saturday with the closure of a quarter of its stores.

Woolworths's administrators at the accountancy firm Deloitte have chosen 200 stores, of the 800 nationwide, which will shut their doors for the final time at the end of the day.

The company itself is likely to become one of the most high-profile victims of the global credit crunch and Britain's economic slowdown unless a buyer materialises before January 5, thereby affecting around 27,000 full and part-time employees.

According to Deloitte, other retailers have expressed interest in acquiring around 300 Woolworths stores, as well as the company's brand name, meaning it may reappear on Britain's high street at some point.

The first Woolworths store was opened in Liverpool in 1909, and expanded into a chain of shops selling toys, stationery, magazines and novels.

It filed for administation last month.

Source: AFP

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