Speculation mounts of Woolworths sell-off
The board at iconic retailer Woolworths has begun discussions to sell the business, and it is speculated that it may sell for £1.
The latest results from its endlessly contracting business showed pre-tax
losses swelled in the six months to end of September, from £63.8m to £99.7m.
Woolworths
would not comment on rumours that the potential bidder for its business is
Hilco, the buyer of distressed companies, or the speculation that it may
entertain the idea of a group sale for one pound. (Though the way sterling’s
going, it would be a better idea for the board to take payment in one hundred
penny sweets from their own excellent range and scoff them before the banks take
them as payment for its outstanding loans).
The retailer’s property portfolio may prove a saving grace, making a profit
in the period of £15.8m, up from £5.1m in 2007.
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