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Business News Retail Top Stories
Woolies launch closing down sale
By CMU Editorial | Published on Thursday 11 December 2008
Woolies price-slashing sale, which kicked off last weekend, has officially become a closing down sale.
Administrators Deloitte hadn’t previously positioned the offer as such, implying they were still hopeful a buyer would be found and the majority of Woolworths 815 stores would remain open.
While Deloitte say they continue to look for a buyer for the retail chain, the fact the sale has become a ‘closing down sale’ suggests they are increasingly pessimistic about finding one. It’s thought some Woolies stores could close before the end of the month.
Confirming the closing down sale, Deloitte’s Neville Kahn told reporters: “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”.
There is no word on whether buyers are coming forward to acquire Woolies entertainment distribution company eUK, though it was always the more attractive of the two Woolworths companies that went into administration last month.
