BusinessBusiness RecoveryWoolworths prepares for worst as offers dry up

Woolworths prepares for worst as offers dry up

Woolworths prepares for the worst as suitable offers dry up for administrator Deloitte

Woolworths is preparing for the worst as its administrator Deloitte yesterday
revealed it was still waiting for a suitable buyer and was launching a
closing-down sale.

Deloitte said the retailer would try to clear as much merchandise as possible
before Christmas and store closings were only days away unless a buyer could be
found for the troubled business, the
Associated
Press
reports.

The administrator said that, although it was still seeking offers from
interested parties, Christmas was a key trading period of the year for retailers
and it was prudent to ‘do all we can to sell existing stock’.

Breaking the business up and selling it off looks increasingly likely after
British entrepreneur Theo Paphitis walked away from talks with Deloitte last
week, saying a break-up was likely to raise more cash. Talks involving
Woolworths former chief executive Geoff Mulcahy and turnaround specialist David
Buchler also appeared to hit snags.

Further reading:

Woollies buyer update imminent

Woolworths culls 450 jobs

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