BusinessBusiness RecoveryDeloitte confident of salvaging Woolworths

Deloitte confident of salvaging Woolworths

Deloitte is confident of salvaging a trimmer looking Woolworths of about 250 to 400 stores

Deloitte
has expressed confidence in saving
Woolworths but
in a much trimmer form after cutting it down to size of between 250 and 400
stores – less than half its current size.

Neville Kahn, the Deloitte partner who is heading a 100-plus team working on
the administration and potential sale of Woolworths, said Deloitte remained
‘very confident’ it could sell the business ‘to someone who will keep it as a
going concern’. ‘We have commitments to keep Woolworths trading until after
Christmas, by which time we should have a buyer,’ he said.

Theo Paphitis is said to have a ‘tentative’ interest in salvaging profitable
stores. In addition Tony Page, who runs the stores division, is reportedly in
talks with financial backers over a possible management buy-out, The
Herald
in Glasgow reports.

Apparently, Discount store Poundland as well as Tesco, Sainsbury, Asda, the
Co-operative and Iceland have all expressed interest, while Ardeshir Naghshineh,
Woolworths’ biggest shareholder, was said to be planning a bid for the whole
group.

Further reading:

Deloitte could charge £22,000 per hour for Woolworths
administration

Buyers line up for chance to pick up Woolworths

Read
The Herald story

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