RetailWeek speculates that the chain’s entire workforce, which totals around 30,000, are facing redundancy. Details of the national closing down sale are expected over the next few days.
In addition, UK national tabloid The Sun is reporting that former Woolworths owner Sir Geoff Mulcahy has become the latest tycoon to fail in a bid to save the chain, adding that many Woolworths outlets are set to be sold to frozen food retailer Iceland and a number of discount chains.
However, another potential saviour for the retailer may be former Tottenham Hotspur vice chairman David Bulcher, who according to MCV sister site Toy News is preparing a £80-100 million bid to save 350-400 stores and half of the chain’s employees.
The Sun also claims that Woolworths-owned EUK is set to be liquidated within days, leaving major debts with platform holders. It is claimed that Microsoft is owed £26 million and Nintendo £21 million.
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