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Woolworths going into administration
BillieTheBot
Posts: 8,721 Bot
More bad news from the high street. Says the Beeb; "High Street legend Woolworths has buckled under its debt and is set to go into administration, BBC business editor Robert Peston has learned. The move will put tens of thousands of jobs at its 815 stores under threat. The board of Woolies - one of the UK's oldest store groups - is meeting since 1800 GMT to take the formal decision. Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies DVDs to supermarket groups." Click here for more info.
Another one bites the dust, it seems. I know people who work at our local Woolies - they're pretty nervous tonight, to say the least.
But I can't say I'm that surprised by this. I remember visiting Woolworths as a child during the 90s. I used to love going in there. Sweets, toys, music, books - it had pretty much everything that I could want as a kid. When I went there as it was approaching Christmas, I used to see people walking out with massive bags full of toys. My parents say they must have spent thousands of pounds at Woolies over the years. Nowadays, whenever I visit, the store has hardly any customers and is filled with bored staff. Where did it all go wrong for Woolies?
On a side note, I've got one other question. Perhaps someone can help me answer it. Some of the biggest companies around are reporting serious problems. Nearly all our banks have had billions wiped off their value in the past year, shops are saying that sales are down - they're predicting the worst Christmas for 25 years, by all accounts. The only group in the retail sector which doesn't seem to have been affected too badly by the credit crunch is the supermarkets. Can anyone explain why?
Another one bites the dust, it seems. I know people who work at our local Woolies - they're pretty nervous tonight, to say the least.
But I can't say I'm that surprised by this. I remember visiting Woolworths as a child during the 90s. I used to love going in there. Sweets, toys, music, books - it had pretty much everything that I could want as a kid. When I went there as it was approaching Christmas, I used to see people walking out with massive bags full of toys. My parents say they must have spent thousands of pounds at Woolies over the years. Nowadays, whenever I visit, the store has hardly any customers and is filled with bored staff. Where did it all go wrong for Woolies?On a side note, I've got one other question. Perhaps someone can help me answer it. Some of the biggest companies around are reporting serious problems. Nearly all our banks have had billions wiped off their value in the past year, shops are saying that sales are down - they're predicting the worst Christmas for 25 years, by all accounts. The only group in the retail sector which doesn't seem to have been affected too badly by the credit crunch is the supermarkets. Can anyone explain why?
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Cause people still need to eat pretty much. Most retail companies sell 'luxuries', the supermarkets are one of only a few sectors which sell necessary products.
Cos people still need to eat?
Well not an economical expert here but with the mention of supermarkets...food is always going to be a need. Banks in my opinion took on too many people wanting mortgages or loans so they suffering because people are not able to pay back their debts...?
I think that all companies are feeling the pinch.
Staff wages count as prefential creditors anyway but there sometimes isnt the money to pay people what they are due.
The supermarkets are doing ok, partly because people still need to eat, but also partly at the expence of places like Woolworths, both Tesco and Asda have moved into their area and used huge commercial leverage to force suppliers to sell to them cheap. This has lead to book shops taking a beating as well.
Plus of course the planning laws mean that Tesco can open stores almost where ever they like and create local monopolies.
I mean who has ever planned to go to woolies to purchase from them? I know I haven't and thats all because I know of other places that sell the exact same products and specifically target me to buy those.
It's a passers by store isn't it?