Woolworths goes into administration.
Quoted from The Guardian
Debt-stricken retail group Woolworths is to go into administration, putting thousands of jobs at risk.
The company employs about 30000 people at its 815 stores and its Entertainment UK distribution business.Woolworths, a fixture on Britain’s high street for almost 100 years, has been teetering on the brink of collapse in recent days as it struggles with debts of £385m.
No wonder it went into administration. How can the management running the business allow it to go so far into debt?
These managers, directors and CEO should be held accountable. It’s all very well closing down the stores and sacking thousands of people, but surely someone or a group of people should go to jail. That is as good as stealing from a bank.
Job Losses: 30000 – 2500 = 27500
Related News Links:
- The Guardian
- Telegraph
- This is London (Evening Standard) – Iceland buys 51 Woolworths Stores and saves 2500 jobs.
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