Big Chain

[Chris2121]

Big chain woolworths has today filed for administration after bing in debt of £385,000,000 to lone companys who are now demanding the money in full forcing this to happen to woolworths

 

Woolworths had been trying to sell the company for a nominal £1.00 but the buyer must also take on the debt of £385,000,000

 

I like woolworth this cant go

 

It'll be sad to see this company go down as the goverment has refused to help save them they save the banks so why not woolworths

 

Think we should show our support for woolworths

 

Coz its always the gd companys thats never done anything wrong that go bust

[kabukiman]

Because its probably money down the drain, we don't shop there often enough and when we do the majority of us don't even need a basket for what we buy.

If there is anyway of making it profitable again, no doubt someone would be interested.

[Chris2121]

i have emailed my local mp today giving my view on the goverment refusal to help woolworths how i see it if they cant help woolworths then they should not fund the banks to keep them up as it would not be fair on the worst hit stores.

[bennyowen]

Woolworths is not a viable business. Before the credit crunch, Woolworths was already struggling among other big names in the High Street. I think Woolworths will go the same way as Dixons, except that Dixons managed to hold on to its online business.

 

If you look at Woolworth's annual account over the last three consecutive years, you will see that things were not well since more than three years ago. I did a consultancy research on the viability of Woolworths three years ago and the result was not a nice one. I am not surprise now.

 

Any money used to save Woolworths will be gone forever. It is a different scenario with the banks.

[Chris2121]

[gyzmo]

I personally do not see why an organisation should receive a government (taxpayer) bailout. Unless of course they are willing to hand over all profits to the government. Didn't think so

[Chris2121]

They have announced today on radio that the company ment to be taking woolworths over is to keep stores open until after christmas

[Chris2121]

dont see why banks should get it then works both ways if banks get the bail out so should woolworths if woolworths get refused then so should the banks

[gyzmo]

or rather, then banks should not have got a bailout.

 

The banks though have all their fingers in many pies. Most of them are funding PFIs. If the banks go, so will the country.

 

That wont happen with Woolies (unless they're not telling us something).

[Chris2121]

yea but its only fair if banks get bailed out so should a big chain like(woolworths) that have been around years

[gyzmo]

No it aint fair. It aint even fair that the banks got a bailout.

 

As the saying goes, S**t happens.

[Chris2121]

give it time banks will no doubt ask for another bailout from goverment coz they would have lost all this lot they just been given and goverment say yea sure how much you want.

[Lula]

Hi have to say that I have been expecting this for the past few years, Woolies used to be great, but in the last 5 or 6 years they have really gone down hill, where I used to go and take a look in there as soon as I got to the town, now it is only if i cant find what I want elsewhere, eg, 2 years ago they changed the layout of the shops, it is bloody dire now, a total mess, it is no wonder people dont want to go in there. yes of course it is sad, there has been a woolies in my town since the town was built, but if you cant change with the times, then expect to go under

[Chris2121]

Further to the announcement of 26 November 2008, the Board of Woolworths Group plc announces that discussions relating to the potential sale of its retail business have now ended.

Following, and as a consequence of the termination of those discussions, 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. Accordingly, the boards of both companies last night resolved to file petitions for administration in the High Court.

Woolworths Group plc is not in administration and remains in discussions with BBC Worldwide relating to the possible sale of its 40% interest in 2 Entertain Ltd.

[patdavies]

Woolworths is not a viable business. Before the credit crunch, Woolworths was already struggling among other big names in the High Street. I think Woolworths will go the same way as Dixons, except that Dixons managed to hold on to its online business.

 

 

Woolworth will not go the same way as Dixons. Woolworth has, in the past few years, chased the market down until it has become the Lidl of non-food stores. In a credit crunch, one would expect Woolworth to see an increase in sales as cash-strapped shoppers move away from more expensicve stores/brands In reality, this has not come soon enough to save them from being over-leveraged (to the tune of £ 385 million). Throw in the agressive non-food marketing by Tesco and the like, and the lacklustre on-line marketing compared to others and there was the recipe for diaster.

 

Dixons was the founder member of DSGi plc, it acquired Currys and PCWorld, and many others. Dixons group actually purchased Currys in 1984.

 

Dixons stores have not gone under, they have simply been rebranded as Currys Digital. They still exist and are still a part of DSGi

Edited November 28, 2008 by patdavies

[patdavies]

yea but its only fair if banks get bailed out so should a big chain like(woolworths) that have been around years

 

However, Woolworth isn't a big chain - it's a two-bit player in the market.

 

As soon as the credit crunch really hit, it was obvious that many companies were over-leveraged and are set to fail. Age and brand-familiarity will not stop this. I predict that many more familiar names are going to go under.

 

The reason that the banks were saved is that they underpin the whole economy. If they fail, then the country fails - that cannot be allowed to happen

[imupset]

Its a shame wollies will be going, I remember when i was a child that was the place i went looking to buy presents for people. It was always packed with people buying music and films. My local shop in ashton is like a market stall as soon as you walk in you have pens,toffies,music,diarys all over the place. They should of tried to stick with selling less products.

[gyzmo]

At least we'll be spared those bloody adverts on TV....