UK chain Woolworths, who sells anything and everything from chocolate bars to notepads have gone into administration this week. Since their fall in profits and turnover the company have seriously been struggling to keep their heads above water. This week they finally declared that the company will be going into administration. The company responsible for the majority of it’s assets, Hilco, sold the remains of the assets for only £1 as the company is literally worth nothing.
Celebrity businessman, Theo Paphitis, is one of the many investors looking to take over the company. The company has 815 stores across the UK and it surely has attracted plenty of companies and investors to take it over as soon as possible. Even retail giants such as, WH Smith, Boots, ASDA and Tesco are looking to take the stores and convert them. Some companies have even been enquiring over taking some of the stock in the Woolworth stores.
Personally, I am not surprised that Woolworths is going down. The store is way more over priced than it used to be. The company was due to celebrate its centenary year next year however negotiations to save the company collapsed last week and now the company faces liquidation.
Yet the company is looking on the positive side of things, the BBC have suggested that Woolworths release a DVD documenting the companies demise. I’m not exactly sure who will be watching that DVD but they are making it none the less. It will be pretty funny to see what they will actually film?
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