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Woolworths and EUK receiving "substantial number of bids"

Talks ongoing for the job saving sale of both companies as Deloitte continues stabilisation efforts

Deloitte, the administrator of troubled retailer Woolworths and its distribution business Entertainment UK, has said that it is still in negotiations with a number of parties interested in acquiring both businesses.

Neville Kahn, reorganisation services partner at Deloitte, said the job saving sales were being pursued and that he expected talks to continue on into next week.

"At the same time, we have received a substantial number of bids from parties interested in the Woolworths properties and have gone under offer on a large number of the stores," said Khan

"We are working as quickly as possible to assess proposals. We continue to work hard to ensure that any sale of the businesses, in whole or part, will preserve jobs. We are extremely grateful to the staff and management for their cooperation and support at this difficult time."

Earlier this week, Zavvi admitted it would have to cancel all website customer orders as it struggled to cope with diminishing levels of stock provided by EUK, which included the PlayStation 3 title Resistance 2, which stores across the country went without.

Commenting on the faltering distributor, Dan Butters, reorganisation services partner, said: "We have held face to face meetings with the majority of customers and are engaged in constructive talks with both suppliers and customers to make arrangements to resume business."

EUK and Woolworths were taken into administration in late November. Today, another distributor, Pinnacle Entertainment, also went into administration.

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