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CAM
Woolworths are willing to accept only £1 for their chain of British stores. Can anyone explain that to me?
I didn't know about this but I'm not surprised they're in debt and are for sale because they took out of their stores most of the things people want to buy. Woolies used to be a great store to wander round and you could buy almost anything there but these last few years it hasn't been worth walking through the doors.
I don't even think they're worth a pound.
girl afraid
The £1 sum is a formality - they're actually buying £256 million worth of debt. Lord only knows why, I thought that was how we got into this financial state in the first place, but there you go!
Bardic
If that's so the owners clearly want to be rid of it. The £1 is a nominal figure, so there is a "consideration" to make the sale valid. As already said, whoever buys it takes on everything, debts included. It IS possible to turn a business aquired like this around - vide Theo Paphitis of Dragons fame, he's done this at least once.
Gary G
Like girl afraid said, the sum of £1 is just a nominal figure for accounting purposes.
Woolworths has a great deal of debt, its owners are hoping someone will take on the company because of the value of its name.
zerocool
where did you hear this??Iam looking for a new investment
jedi master
where did you get your Information from
Eddy T
It also means the Woolworth has filed for bankruptcy.
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