Peter Stiff
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The curtain will come down on almost 100 years of trading at Woolworths today as the fallen retailer’s final 200 stores close for good.
Stores from Selby to Sevenoaks will shut their doors for the last time, capping the end of what has been one of the most high profile sagas of the current financial crisis.
The chain, which had been struggling under £385 million of debt, had attracted potential suitors, including Theo Paphitis of Dragon’s Den fame.
However, Deloitte, the accountancy firm brought in to manage the retailer, was unable to find a white knight to save the business and the 27,000 staff that worked at its 807 branches.
Closures, which have taken place in stages over the last few weeks, have seen even the stores’ fixtures and fittings sold off as part of a massive clearance sale.
Deloitte put back the remaining stores’ final trading day from Monday until today to give them more time to sell every last item from their shelves.
The administrators were also unable to find a buyer for EUK, Woolworths' CD and DVD distribution business.
Zavvi, the entertainment retailer that is also now in administration, became embroiled in Woolworths' collapse, after EUK failed to deliver CDs, DVDs and games to the business.
Woolworths and Zavvi is just one of a number of retailers who have gone bust as shops up and down the country struggle to tempt cash strapped consumers to part with their money at a time when many are concerned about losing their jobs.
Yesterday, Waterford Wedgwood collapsed and is now searching for a buyer and Adams, the clothing chain, closed 111 of its shops and axed 850 jobs.
Whittard of Chelsea, the 122-year old tea and coffee retailer, has also gone into administration while The Officer's Club, the men's clothing chain, has been put up for sale.
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