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Retail

Woolworths and EUK go into administration

Thu 27 Nov 2008 9:41am GMT / 4:41am EST / 1:41am PST
Retail

Deloitte seeking rescue for retail and distribution business

Retailer Woolworths and its distribution service Entertainment UK have gone into administration.

According to the BBC, Deloitte has been appointed as administrators to the chain, and is currently attempting to rescue the outfit.

"The boards of Woolworths plc and Entertainment UK Ltd have concluded that there is no longer any prospect of those businesses being able to operate as a going concern," said the company in a press statement. "Accordingly, the boards of both companies last night resolved to file petitions for administration in the High Court."

Woolworths had a big games offering in-store and online, and EUK supplied games as well as other entertainment products to supermarkets and online stores.

All 815 stores will remain open for the time being, but up to 25,000 jobs at Woolworths and 5000 Entertainment UK positions are at risk.

"In the last 24 hours, we have received expressions of interest from a number of parties for both the retail and wholesale businesses," commented Dan Butters of Deloitte.

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