StarShine♥
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They were not making enough profit, and could not afford to repay the substantial debts they had got them selves into. Consequently the administrators have been called in. |
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Alex B
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The final nail in Woolworth's coffin was actually the withdrawl of 'trade credit insurance'. Woolworth's suppliers were no longer able to insure against the possibility that Woolworths would be unable to pay them for the stock they supplied. This led to them having to demand cash up front for any stock delivered to Woolworths. as a loss making business with £350million debts Woolworths did not have the cash in the bank and could not borrow any more. Unable to pay their suppliers they had no option but to call in the Administrators in order to remain in business and try and save what little remains. The administrators will try to buy some time, sell off the stock in the stores (many retailers have too much Christmas stock because they ordered it before the downturn) and try to find a buyer for the business. |
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Michael G
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They've run out of money and nobody wants to buy the company. Under those conditions any business would close.
FYI it's been on the news since december! |
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Keith
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Reduced consumer spending and no one wants to merge with it.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aw.1h3BcIruQ&refer=uk |
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Eddy T
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Lack of leaders to manage people and business professionally. |
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Camille
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The economy is **** right now |
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*♥* donna *♥*
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It owes a lot of money to people and cant pay them back so they have gone into bankruptcy. |
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cheese on toast please
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Because administrators charge too much for doing nothing, basically they look at the best option for themselves before they even try to save the company in this case the best option was to sell all the stock and close shop as you will have seen over the last month all the shelves were empty.
They had the chance to sell the stores and brand to many investors, but refused because the money to pay them was not there. |
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Fabz
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Weak revenue (sales) figures in contrast with operating and other expenses that didn't stop growing.
basically, they weren't makin enough money to pay off its financial obligations (loans and other obligations) addin to the fact that no buyer (for the company) was found they had to simply start closing down |
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Dazcouz
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Pick and Mix was too pricey! |
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girl afraid
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Because it's been making losses for years and the recession finally killed it - it no longer had enough money to continue trading. They called in the administrators who tried to sell the chain (any buyer would have effectively been buying several hundred thousand pounds worth of debt, as well as the stores) but although initially a buyer was rumoured to have struck a deal to buy the chain and it's debts for £1, this fell through, and another buyer has not come forward. Unless someone does by the end of this week (and it's said they'd have to buy the whole chain, the administrators wont sell of the shops individually) then the remaining shops will close for good. |
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..:NC:..
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Cos it has too many debts.. i think that´s why anyway |
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((LOON))
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Ask yourself when you last used it apart from a short cut into the main street... No offence but Wollies just didn't move forward with the times did they!!! |
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Adam C
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Nobody shopped there. |
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