Woolies selling up for £1?

The Woolworths Group has confirmed that it is in talks over a possible sale of its retail business.

The firm has not identified potential bidders, but The Times reports that it is considering a sale to turnaround specialist Hilco for a nominal £1.

Woolworths, which has been on the High Street for 100 years, has suffered badly at the hands of the economic slowdown – causing subsidiary EUK problems of its own.

Woolworths shares have fallen 83 per cent over the past year. In September it suspended its dividend payments and reported a record six-month loss of £100m.

In August it rejected a takeover bid for its 815 stores from a group headed by the founder of the Iceland frozen food chain.

It paid its Q3 mortgage fee in October. Its Q4 payment is due at the end of December.