EUK heading into administration

MCV Staff 26th November 2008 Business News

According to the

BBC

, Woolworths and EUK have gone into administration, with an official announcement expected tomorrow morning.

The Woolworths board met up this evening to make the decision, with Deloitte to be appointed administrators to both EUK and the High Street chain.

Business secretary Peter Mandelson has been in contact with the firm to ensure that it went into administration in order to ‘minimise the anxiety’ for its employees.

BBC is also reporting that Woolworth’s joint venture with BBC Worldwide, 2 Entertain, willremain solventas it is owned by the chain’s parent company.

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