Woolworths administrators release dates for store closures
Woolworths’ final two weeks on Britain’s high streets were mapped out today as administrators released a schedule of closures for the failed retailer.
Monday, January 5 will mark the last time that the Woolworths brand will trade from its more than 800 stores under the wind-up being led by administrators Deloitte.
Woolworths, which launched in the UK almost a century ago, will begin shutting its doors on December 27, with around 200 due for closure at sites including Blackpool, Canterbury, Doncaster, Nottingham and Sheffield.
Around a further 37 will close on December 29 and 164 on December 30, followed by 200 on January 2 and 200 on January 5.
Among the last stores to be left open on January 5 are those based in Weymouth, Devizes, Great Yarmouth and Peterborough.
Administrators confirmed last week that all Woolworths stores would close, at the likely cost of 27,000 jobs, after failing to secure a buyer for the business as a going concern.
There were also reports today of further troubles for Woolworths as it negotiates with BBC Worldwide over the sale of the chain’s stake in their joint venture 2 Entertain.
It is reported that BBC Worldwide – the commercial arm of the BBC – has slashed the amount of money it is prepared to pay for 2 Entertain, which publishes DVDs and CDs.
Woolworths today said that terms had yet to be agreed, but assured that talks were ongoing.
Speculation is mounting over the sale of the stricken chain’s 40% holding in the business, which was not placed into administration when Woolworths collapsed.
It is thought that BBC Worldwide has cut its offer price to around £40m (€42.33m) - a third of the price put forward only six weeks ago, according to the Financial Times.
BBC Worldwide is also reportedly threatening to withdraw its licences from the media publishing joint venture.
Woolworths’ pension scheme risks missing out on a £50m (€52.9m) payout if the retailer’s stake is sold cut price, as the final salary scheme is contracted to receive the first £50m (€52.9m) of any sale proceeds.
The division was kept out of administration when the main Woolworths business collapsed, but the demise of the wider business and wholesale business Entertain UK (EUK) is said to have weakened 2 Entertain.
It used EUK as a distributor and troubles at the operation are believed to be having a knock-on effect on the publishing group.
However, BBC Worldwide recently played down the impact of the troubles at EUK and its impact on 2 Entertain, saying it was “only one of its distributors”.
