Sarah Posted November 19, 2008 Report Share Posted November 19, 2008 Woolworths has been a presence on UK High Streets for nearly 100 years Troubled retailer Woolworths has confirmed that it is in talks about a possible sale of its retail business. The retailer did not identify who it was talking to, but the Times reported it was considering a sale to turnaround specialists Hilco for a nominal 1. The chain has suffered as the economic slowdown has hit consumer spending. In August it rejected a takeover bid for its 815 stores from a group headed by the founder of the Iceland frozen food chain, Malcolm Walker. Woolworths shares have fallen 83% over the past year and in September it suspended its dividend payments and reported a record six-month loss. Last month, millionaire Amstrad founder and host of The Apprentice, Sir Alan Sugar, bought 3.9% of Woolworths. Woolworths has been a presence on UK High Streets for nearly 100 years and also has a distribution business and a DVD publishing business. Its first shop opened in Liverpool in 1909, but the business has run into trouble in recent years. Quote Link to comment Share on other sites More sharing options...
Dunc Posted November 19, 2008 Report Share Posted November 19, 2008 Everything comes to an end some day and Woolworths as not been able to ride the market for quie a few years now sad but true Quote Link to comment Share on other sites More sharing options...
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