Trading halted on London Stock Exchange as company considers future
Trading in the shares of the Woolworths Group has been suspended on the London Stock Exchange.
The company said trading would resume once it had announced whether it would be selling its BBC show distribution service and its chain of retail stores.
In a statement, the firm’s Board also confirmed that it was in discussions with BBC Worldwide over a possible sale of its 40 per cent interest in the 2 Entertain DVD business, but that terms had ‘not yet been agreed’.
Of the sale of its retail business, the company reiterated that a deal is subject ‘to the approval of the Group's lending banks’.
It added: ‘Accordingly, there can be no assurance that a sale of the Group's retail business or of its interest in 2 Entertain will be concluded.’
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Woolworths' share price has nosedived over the last week as the company said it was in talks to sell its 850 retail stores to restructuring company Hilco for a reported price of just £1.
Comments
You work it out
£385 million owed in working debt
Divide that by 850 prime highstreet locations =
£453 k'ish per store.
6 weeks left of workable sales in the busiest period of the year.
Personally I'd be surprised if the working debt wasn't that high at this time of year.
What was their turnover in December 2007?
Re: You work it out
you need to factor in the EUK funding needed to part pre pay suppliers for all the outlets they supply to the £385Mio also,
either way it is still a disaster for staff and suppliers
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