Woolworths announces cutbacks after record loss
September 18, 2008
The new chief executive of Woolworths plans to eliminate the company's
final-salary pension scheme, cut jobs and sell stores after the ailing high
street retailer reported a record £100 million half-year loss yesterday.
Woolworths shares dive to all-time low after warning of 'marked' downturn
Woolworths had a day to forget yesterday, when it posted a profit warning, revealed dire recent trading, and tore up plans to sell its £200m stake in DVD publisher 2 entertain.
Woolworths rocked as senior director quits
One of Woolworths’ most senior directors has quit only a month after the high street retailer’s new chief executive savaged the poor performance of the group.
Woolworths dives as it confirms...
Woolworths this morning confirmed a report in The Times that it is in
talks to sell its retail business.
Woolworths in talks to sell retail...
Woolworths is in talks to sell its entire high street business to Hilco, the
specialist distressed fund, for £1.
Woolworths still eyeing The Warehouse
Cashed-up retailer Woolworths is still likely to make a tilt at the New Zealand general merchandise retailer The Warehouse, an investment house says.
Woolworths in crisis rescue talks
THE management of Woolworths was locked in crisis talks this weekend about
securing a revised rescue deal to save the group from imminent collapse into
administration.
Woolworths investor touts alternative...
Woolworths’ largest shareholder, Ardeshir Naghshineh, is in talks with the
retailer’s banks about an alternative plan to a sale the company’s retail
arm to Hilco for...
Woolworths' main shareholder in bank...
Ardeshir Naghshineh, Woolworths' largest shareholder, is in last-ditch talks
with the retailer's banks about an alternative to a sale of the high street
chain's retail arm to...
Woolworths may plunge into a retail bucket
If Steve Johnson wondered what he had let himself in for by agreeing to be the new chief executive of Woolworths, it was laid bare yesterday. According to one City analyst, he has no choice but to rip up the group's tried-and-tested model and become a bucket shop.
Woolworths angers shareholders by rejecting Iceland founder's approach
Woolworths faces a showdown with its biggest shareholders after the ailing retailer rejected a takeover approach for its 815 stores yesterday from Malcolm Walker, the founder of the Iceland frozen-food chain.
Woolworths stands on brink as wage...
Woolworths is at risk of going into administration as soon as this morning as
it scrabbles to find sufficient funds to pay its monthly wage bill.
Potential buyers emerge to save...
The new management of Woolworths today revealed it has already received
several expressions of interests from parties about buying parts of the
business which collapsed last...
Woolworths stores to close after...
Woolworths went into administration last night, putting thousands of high
street jobs at risk despite last-ditch government efforts to save it.
Film distributor is victim of...
The fallout from the collapse of Woolworths spread this morning as Metrodome,
a UK-listed film and television distributor, warned it risked losing
£320,000 it was owed by the...
Bidders sought as beleaguered...
The starting pistol was fired yesterday for the sale of Woolworths and MFI as
the court-appointed managers sought buyers for the beleaguered stores.
BBC in talks with Woolworths as...
The entire Woolworths empire, including its stake in 2Entertain, the BBC joint
venture, is likely to be in administration by the end of the week, with its
10,000 pensioners at...
Woolworths rejects offer by Iceland chief Walker
Woolworths has rejected a surprise offer to acquire its retail division by Malcolm Walker, chief executive of the frozen food specialist Iceland.
Woolworths hires finance veteran in shake-up
Woolworths has appointed a new chief financial officer days after the departure of a senior director raised concerns that other executives may leave the troubled retailer.
Woolworths lays off staff as search...
Woolworths will make 450 of its staff redundant in what is expected to be the
first of many job cuts at the collapsed high street retailer.
Closing-down sales herald end of...
Woolworths will begin a huge closing down sale across its 813 stores today
after Deloitte, the administrator, admitted that it had been unable to find
a buyer for the...
Chaos and tears as Woolworths’ sale...
It is 9.30am and Sandra, assistant manager of Woolworths in the Wiltshire
market town of Devizes, is in tears beneath her red-and-white Santa hat.
Woolworths to close all stores by...
Woolworths will end 99 years of high street trading by January 5 when it
closes 807 stores and lays off 27,000 permanent and temporary staff.
Woolworths insists new chief...
Woolworths' chairman, Richard North, maintained that its retail division can robustly grow its profits yesterday as the group parted company with its chief executive, Trevor...
Woolworths fined for breaking FSA rules
Woolworths has been fined £350,000 by the Financial Services Authority for taking too long to disclose that its profits would be lower than expected.