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Woolworths begins closing down sale

Stores likely to begin closing before the end of the month as Deloitte fails to find buyer

Troubled retailer Woolworths has begun a closing down sale today, with many stores expected to shut by the end of the month.

Administrator Deloitte has so far failed to find a buyer for the company, which includes distribution outfit EUK, following its fall in to administration last month.

"While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock," said Deloitte in a statement.

"By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers."

A number of companies and individuals have expressed interest in the business, but so far no deals have been reached, leaving some 30,000 staff facing redundancy.

"We continue to make every effort to convert interest in the Woolworths assets into firm offers," said the administrators.

With EUK also going in to administration, other retail partners, including High Street chain Zavvi, have been affected by the failing business.

It's thought that many business partners are now owed millions by the Woolworths group, including games publishers such as Nintendo and Microsoft.

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Matt Martin

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Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.