Kill the competition: Woolies tanks ... MFI sinks ... Global boosts
November 27, 2008
Welcome to today's round-up of business news from The Times: what we're
saying, what they're saying
BHP Billiton abandons bid for Rio Tinto
BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.
Rio Tinto says it is comfortable with debt level
Mining giant Rio Tinto on Wednesday sought to allay concerns about its debt levels a day after bigger rival BHP Billiton abandoned a takeover bid for that reason, sending Rio's share price plummeting.
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.
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.
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 in talks over £1 offer...
Woolworths’ biggest shareholder was locked in meetings with advisers last night over how best to fight Hilco’s £1 offer for the company’s retail arm.
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 dives as it confirms...
Woolworths this morning confirmed a report in The Times that it is in
talks to sell its retail business.
Closing-down sales herald end of Woolworths stores group by Christmas
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 retailer. The disappearance of the stores group will end a 99-year presence on Britain’s high streets and leave 30,000 staff facing a bleak Christmas and new year.
Potential buyers emerge to save Woolworths staff
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 night after 99-years of trading.
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 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.
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 hires finance veteran in...
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 rocked as senior director...
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.
Bidders sought as beleaguered Woolworths and MFI stores go up for sale
The starting pistol was fired yesterday for the sale of Woolworths and MFI as the court-appointed managers sought buyers for the beleaguered stores.
Film distributor is victim of Woolworths collapse
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 fallen retailer.
Woolworths staff secure extra day's...
About 6,800 Woolworths staff will be receiving an extra day's pay after the
administrators of the collapsed store chain decided to postpone the closure
of its final 200...
Woolworths angers shareholders by...
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...
Woolworths may plunge into a retail...
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...
Woolworths rejects offer by Iceland...
Woolworths has rejected a surprise offer to acquire its retail division by Malcolm Walker, chief executive of the frozen food specialist Iceland.
Woolworths desperate for buyer amid...
Just a year shy of celebrating its centenary, retailer Woolworths Group PLC was on the verge of collapse Thursday as financial administrators appointed to the company raced to...
Government wades in to save Woolworths
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