Is this the end for Retail Giant, Woolworths ?
Administrations have failed to secure a buyer for the group, I don’t think this would have happened a few years ago, the slow down of readily available cash have meant that VCs and Investment groups simply don’t have the cash to buy a company like it, and I think it is worth buying.
The adminisrators will now have to pick off the good parts of the group to try and clear the £385Million + debt, starting with the sale of all stock over the coming days to Christmas one the stock has been sold the staff will no doubt be jobless and the stores one by one closed down.
Other retailers, like Zavvi (The management buy out led group that bought Virigin Music Retail) are now starting to feel the pinch as they where dependant of Woolworths hugh buying power as their main supplier. So could Zavvi be the next to fall ? It is not looking good for the business, Problems buying stock, Website crashing on the busist online sale’s day. Only time will tell.
But for woolworths, for me it will a brand that is missed. I spent many a saturday afternoon fighting with my Father over what was an exceptable ‘pick in mix’ weight !
Alan in Belfast also writes today on how he will miss the brand, he says …..
Where else could you get a cheap tool, buy a cheap bulb, find a cheap tea pot, and rot your teeth on a budget. Now you need to go to four different shops to do all those things.
As I said before, the face of retail is changing and only time will tell if it is for the better…
I must say this is a great article i enjoyed reading it keep the good work