WOOLIES UPDATE: Closing down sale begins tomorrow

The Joint Administrators to Woolworths have today announced that a store closing sale will begin in stores on Thursday December 11th.

The Administrators continue to actively seek buyers for the Woolworths assets and negotiations with a number of interested parties are ongoing.

Neville Kahn, reorganisation services partner at Deloitte, commented: "We continue to make every effort to convert interest in the Woolworths assets into firm offers. While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock. By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers."

If no offers for the Woolworths business are forthcoming, then it is possible that some stores may close before the end of December. The Administrators will begin a consultation process with all employees to provide an update on the latest developments and discuss the support available in the event of redundancies.

Neville Kahn, Nick Dargan and Dan Butters of Deloitte, the business advisory firm, were appointed as Joint Administrators on November 27th. Since being appointed, they have been seeking a buyer for Woolworths Plc as a going concern.

Story originally published on ToyNews.