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Mad Tony
26-11-08, 16:33
High Street legend Woolworths with its 815 stores across the UK has gone into administration, BBC business editor Robert Peston has learned.

The move will put tens of thousands of jobs under threat.
The company's board will meet at 1800 UK time to take the formal decision.
Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies books and DVDs to supermarket groups.
However Woolworths joint venture with the BBC, 2 Entertain, will not go into administration. It is owned by Woolworths' parent company, which will not go into administration.

The collapse of Woolworth is likely to lead to the closure of hundreds of stores across the UK.
And it is also likely to lead to many thousands of redundancies.
Woolworth has 815 stores. The store chain employs 25,000 and Entertainment UK employs 5,000.
The company has struggled under the weight of 385m of debt. Its problems were compounded over the past couple of months when it was forced to pay cash when buying goods from suppliers, because trade credit insurers were no longer prepared to insure supplies to Woolworths.
The company had tried all day to find buyers for its business.

Shocking news

viper456
26-11-08, 16:36
****ing hell :yik:

That was a shock.

Ampersand
26-11-08, 16:38
Woolies! No way!

I'd better spend that 10 birthday voucher fast.

siouxsiecrux
26-11-08, 16:38
I have heard about this :(

Bowie
26-11-08, 16:41
Debt. With mass layoffs people can't even work to pay it off...

Lemmie
26-11-08, 16:44
That sucks so much. :(

(Congrats to Bowie on 1000th post).

Titanium
26-11-08, 17:01
This is not good... as well as Woolies, MFI are also in quite a bit of trouble.

http://news.bbc.co.uk/1/hi/business/7750250.stm

da tomb raider!
26-11-08, 17:03
Poor Woolies. :(

scion05
26-11-08, 17:13
Think on the bright side, massive reductions :D

Trigger_happy
26-11-08, 17:40
Wow, I never though that Woolies would actually go under!

tlr online
26-11-08, 17:41
WOW. Didn't see that coming.

Doesn't surprise me tho. The supermarkets are killing the high street.

remote91
26-11-08, 17:53
think on the bright side, massive reductions :d
Woolworths it the only decent shop left in our town though!

findme
26-11-08, 17:55
Woolies has the best sweets like ever.

scion05
26-11-08, 17:56
Woolworths it the only decent shop left in our town though!

*Bursts into tears*

We've been reduced to Hydes and Cash Generator :vlol:

Eddie Haskell
26-11-08, 18:00
I was sad to see Woolworths (http://en.wikipedia.org/wiki/F._W._Woolworth_Company) disappear from the USA many years ago. Some of my fondest childhood memories are of wandering that five and dime with my mother, picking out a toy (and have it rejected as too expensive), eating at the counter and in my later years finding inexpensive stuff to furnish my college "pad". I wish it were still around in the US, along with many other great stores from the past...:(

Btw, the 60's image on the Wiki page of the Woolworths store looks just like the one we used to shop at here in Chicago. :)

dizzydoil
26-11-08, 18:02
ZOMG. MFI has gone down too, right? :yik:

remote91
26-11-08, 18:03
*Bursts into tears*

We've been reduced to Hydes and Cash Generator :vlol:
Why did we lose Music Zone's spin-off to Holland and Barrat?!

bivvy
26-11-08, 18:03
Holy ****! Not Woolworths!

scion05
26-11-08, 18:06
Why did we lose Music Zone's spin-off to Holland and Barrat?!

Music Zone closed like hundreds of stores nation-wide. I loved it,
I got loads of DVD's in there, four for a tenner. Omg, I'm actually trying
to think of some decent shops here... I'll post in Open Chat if I'm succesful... :D

digitizedboy
26-11-08, 18:07
Woolworths it the only decent shop left in our town though!

Yep same here, the rest are just curry houses or second hand shops. (not that I've got anything against those mind you.)

pity.

remote91
26-11-08, 18:07
Music Zone closed like hundreds of stores nation-wide. I loved it,
I got loads of DVD's in there, four for a tenner. Omg, I'm actually trying
to think of some decent shops here... I'll post in Open Chat if I'm succesful... :D
No music zone closed but then that shop reopened for a few weeks without a sign and different staff..

It was odd.

Mad Tony
26-11-08, 18:08
It doesn't actually bother me that much, since we have this huge shopping mall near us anyway. :D

scion05
26-11-08, 18:11
No music zone closed but then that shop reopened for a few weeks without a sign and different staff..

It was odd.

Stock clearance ? Seriously, have you ever seen Streetwise Sports ? It closes every ten days :vlol: Or Shelly's in Manchester, which IS actually closing this time !:vlol:

Voni
26-11-08, 18:18
I had a mate who worked in Music Zone, he was laid off, called back in when it reopened, then laid off again! Needless to say, he was NOT impressed.

I have to say, I'm surprised that Woolies are going under. But there may be hope for it, The Works went into administration earlier this year but they got out of it, so hopefully Woolies will do the same!

digitizedboy
26-11-08, 18:23
I had a mate who worked in Music Zone, he was laid off, called back in when it reopened, then laid off again! Needless to say, he was NOT impressed.

I have to say, I'm surprised that Woolies are going under. But there may be hope for it, The Works went into administration earlier this year but they got out of it, so hopefully Woolies will do the same!

I never heard the news about The Works. I'm glad it didn't go under, since I'm into arty things and all.

Yeah there's still hope for Woolies yet.

touchthesky
26-11-08, 18:47
That sucks.

Both The Works in our town shut down but the one in my Ma's is still up..

Lew
26-11-08, 19:06
Woolies was the best ever :( I thought WH Smith would have entered administration before woolies due to being more expensive and less popular... however thats mainly a book store i suppose.

jackles
26-11-08, 19:15
Woolies used to be regarded as a cheap but good quality place but they have been superceded by the pound shops and kids clothes are cheaper in Primark and Asda. I can get things cheaper from Tescos and in the current climate if you are not competitive enough you are going to go mad. Still it seems sad, I remember getting my first eye shadow fom there and some delightful patterned tights. (yeah okay...it was a long time ago) Oh and buying a record from there every single week for 49p!! :D

Lew
26-11-08, 19:18
I wouldn't dare shop at Asda for clothes. Primark is alright I suppose :)

Goose
26-11-08, 19:22
Same thing happened to Virgin megastores near me, i went to work for a couple of months, then when i get home and go about town its just gone, replaced with some weird store thats exactly the same thing.

Tis sad, but, chances are they've killed off a shop or two in there time aswell.

Lew
26-11-08, 19:23
You mean Zavvi? they've renamed it from Virgin Megastores to Zavvi.

Angelus
26-11-08, 19:29
Ugh, I heard about this but didn't think it'd actually happen. :(

Grenade
26-11-08, 19:39
Bleh, sucks to hear. :(

Goose
26-11-08, 20:11
You mean Zavvi? they've renamed it from Virgin Megastores to Zavvi.

Thats the one, what the hells a Zavvi anyway????

Virgin went down, not sure what happened, sold there coke, trains and now there stores.

Angelus
26-11-08, 20:13
Thats the one, what the hells a Zavvi anyway????

Virgin went down, not sure what happened, sold there coke, trains and now there stores.

No, Virgin Megastores has been changed to Zavvi. It's the same shop but just looks different.

Goose
26-11-08, 20:19
So its still owned by Virgin?

Im so out of the loop now it doesnt even matter, the only shop here is a Spar, and it rips us off big time. Wish they would go into admin....

digitizedboy
26-11-08, 20:23
So its still owned by Virgin?

Im so out of the loop now it doesnt even matter, the only shop here is a Spar, and it rips us off big time. Wish they would go into admin....

We used to have a Spar here but they changed the name to "costcutters". Ironic since the prices we're still the same...

Goose
26-11-08, 20:32
We used to have a Spar here but they changed the name to "costcutters". Ironic since the prices we're still the same...

Your better off without them. All these new stores look at whats going on and milk it, its pretty bad here though, im on base, we have two spars, one for us and one for the other ranks, we have to pay more then the other ranks, just because were junior, i just stock up at the weekend now rather then get ripped off.

What it comes down to is cost and quality to consumers, not really the back story behind the stores name, although a reputation is partly based on a name i guess.

Dia2blo
26-11-08, 23:57
Gah! Next it will be Argos!! Then.. who knows!!

Nefertiti_89
27-11-08, 00:22
We'll you'll be glad to know theyre still opening new stores in Australia and are doing better than ever. Everyone thinks theyre evil but unfortunately in the next 10 years or so they will probably become our only choice...I hate woolies lol.