BusinessBusiness RecoveryWoolworths to shut up shop permanently, says Deloitte

Woolworths to shut up shop permanently, says Deloitte

Woolworths to close all 807 stores by January, making 27,000 permanent and temporary staff redundant

Administrators from Deloitte have announced that all 807 Woolworths outlets
will close by 5 January after their efforts to sell the business as a going
concern proved unsuccessful.

At a press conference this afternoon, Deloitte cited a lack of available
finance for prospective bidders to restock the shelves of the ailing store as a
major stumbling block to trading it on.

27,000 permanent and temporary staff who worked in the retail and
distribution arms will be out of a job at the start of the New Year.

The stores will be shut down in groups of 200 stores a day on December 27 and
30 as well as January 2 and 5,
The
Times
reported.

Bidders are still looking to snap up 300 of the stores, Deloitte added.

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