 BUSINESS 4NETWORKING [Crisis talks to save Woolworths.. ] |
| Author: |
Post: |
|
|
Posted on 23rd Nov 2008 at 19:08
Emergency talks to save Woolworths from going into administration are reportedly continuing as a revised deal is drawn up.
Woolworths at risk of administration if talks fail
If agreement is not reached in the next few days, then around 30,000 jobs with the troubled high street retailer could be at risk.
The restructuring specialist Hilco was said to be interested last week in buying the group's 800-store business arm for a nominal £1 and taking on about £265m of Woolworths' debts.
But the syndicate of lenders to Woolworths, led by Bank of Ireland subsidiary Burdale Financial and GMAC Commercial, are thought to have rejected that deal.
Hilco is now thought to have sweetened its offer by saying it would assume a greater share of the debt.
It has reportedly tabled a last-ditch offer to take on up to £300m, leaving lenders with just £85m.
The Sunday Times said even if the deal goes ahead, Hilco might initiate a "pre-pack administration" of the stores business, which would enable it to cut the operation down to a smaller sustainable chain.
Woolworths confirmed on Wednesday it was in discussions over a possible offer.
A spokeswoman for the retailer refused to comment on the talks but it is believed they will go on at least until Monday and a positive outcome is by no means certain.
A retail deal would leave Woolworths with EUK, its entertainment wholesale division, and 2Entertain, the music and video publishing venture with the BBC.
Woolworths, one of the UK's best-known chains, has been a presence on UK high streets for nearly 100 years but has been battered by competition from supermarkets and internet retailers.
It reported half-year losses of almost £100m in September, as it warned its retail arm faced "operational issues and strategic challenges".
|
   |
|
|
Posted on 23rd Nov 2008 at 19:57
Is it likely that Woolworths shops will be shut down before Christmas then? That would be enormous news for High Streets. Even little ole Witney has got a Woolworths and they are extremely busy in the run up to Christmas.
|
| |
|
|
Posted on 23rd Nov 2008 at 20:02
Woolworths offer nothing in the modern shopping experience, jack of all trades master of none...
Computer services, web design and digital media
fixITSouthampton - Computer repairs, upgrades, p2p networking and new systems built and installed
Fresh Web Rental - Affordable web design for small businesses, CMS and eCommerce Solutions
2DigitalMedia - Convert LPs, cassettes, VHS, Betamax, Photographs, Negative & Slides to digital
myMailShots - email newsletters designed and delivered
Area Leader for Fareham, Winchester,
Ferndown and Bournemouth
|
|
|
| |
|
|
Posted on 23rd Nov 2008 at 20:04
The Southampton High Street one closed a year or so ago... Cant say i miss it even slightly. Take away the huge amounts of gift box chocolate they sold and whats left... a useless store.
|
| |
|
|
Posted on 23rd Nov 2008 at 20:07
I can't remember the last time I bought something in Woolworths. I'm now thinking that maybe they haven't kept up with the marketplace!
email: charmian@poldenfs.co.uk
tel: 07899983478
Group leader of Bridgwater - the birthplace of 4Networking
Next meeting: Thursday 15th January 2009
www.4networking.biz/events/4585.htm
|
| |
|
|
Posted on 23rd Nov 2008 at 20:10
Where else are we going to be able to steal chocholate Brazils from Pic 'n' mix?
|
| |
|
|
Posted on 23rd Nov 2008 at 20:14
There was this chain of supermarket in Canada where they must have had 100+ pick and mix style things from nuts, chocolates, mints etc etc.... So much choice - its strange how some of the business ideas that work so well in North America havent made the translation over here...
|
| |
|
|
Posted on 23rd Nov 2008 at 20:27
Woolworths is enormously popular in Witney, with very little other local choice for video games particularly. They're a good one stop shop for Christmas presents.
|
| |
|
|
Posted on 23rd Nov 2008 at 20:32
|
| |
|
|
Posted on 23rd Nov 2008 at 20:33
I find it really sad. Woollies has been around for so long, it's a national institution, like Marks or Boots.
I went in there last Christmas, probably the first time I've been in for about a decade, purely to get a particular toy for Robert. I was amazed at their toy dept, very good prices and lots of choice, however I much prefer to shop out of towns or on internet if I can help it, and I guess thats where half the problem lies nowadays.
Kerry Anne Orr
Director, Bizpro Ltd
Leaving you time to do what you do best; your business.
(T) 0844 414 22 50 (E) info@bizpro-ltd.com (W) www.bizpro-ltd.com
Group Leader for 4N Swindon....the brightest breakfast on the circuit!! Book here for the best business networking breakfast in Swindon!
|
| |
|
|
Posted on 23rd Nov 2008 at 20:33
Its funny isn't it, these times we're in, as Steve lundy pointed out, will see the ones that get through this time a whole lot better as a result
|
| |
|
|
Posted on 23rd Nov 2008 at 20:33
Quote:
Where else are we going to be able to steal chocholate Brazils from Pic 'n' mix?
Perhaps that's another reason they're in trouble!
email: charmian@poldenfs.co.uk
tel: 07899983478
Group leader of Bridgwater - the birthplace of 4Networking
Next meeting: Thursday 15th January 2009
www.4networking.biz/events/4585.htm
|
| |
|
|
Posted on 23rd Nov 2008 at 20:38
Toy department! The only one in Letchworth (other than Argos - shudder), and prices aren't bad. I for one will be cashing in my daughter's remaining £12 of vouchers tomorrow - hopefully on some cheap and nasty shoes for her. Oh the irony - retailer of high class ladies' shoes buying rubbish ones for her child.
Shoes Galore Letchworth
01462 481757
sgletchworth@ntlworld.com
www.shoes-galore.co.uk
|
| |
|
|
Posted on 23rd Nov 2008 at 20:39
Quote:
Quote:
Where else are we going to be able to steal chocholate Brazils from Pic 'n' mix?
Perhaps that's another reason they're in trouble!
Woolies in Oxford, early 80's. The school bus used to drop us right outside, then we'd have half an hour or so to wait for the buses to take us out to the suburbs and villages, the place used to be emptied of anything edible by the Catholic school system's finest shoplifters.
|
| |
|
|
Posted on 23rd Nov 2008 at 20:41
light fingered pic n mix lunch buffets
|
| |