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27/11/2008
Woolworths Worth Saving
There was better news today as crisis-hit Woolworths' administrators have begun efforts to rescue the troubled chain, which has 19 stores in Northern Ireland.
About 200 Woolies' jobs are under threat here, but administrators Deloitte have said the stores will remain open until after Christmas and staff will be paid.
However, medium term job security remains uncertain.
There remains growing concern for the future of furniture retailer MFI which is also to go into administration.
The company employs 30 people at three stores in Northern Ireland and another 30 to fit kitchens and bathrooms.
It is understood staff have been asked to stop taking orders at its stores in Spucefield, Bangor and Newtownabbey.
Woolworths - which has just completed a major store refurbishment at its north Belfast outlet at City North (formerly Yorkgate) - said in a statement yesterday that it was in discussions over the potential sale of its 840 stores - which have clearly now failed.
London-based Woolworths has stores locally in Banbridge; Londonderry; Enniskillen; Lisburn; Coleraine; Portadown; Armagh; Bangor; Connswater Shopping Centre, East Belfast and the north Belfast store at the former Yorkgate site.
The firm added yesterday that it was also in talks to sell its 40% stake in publisher '2 Entertain' to the BBC Worldwide concern, which already owns the other 60%.
A specialist restructuring firm, Hilco had offered to buy the chain of shops for just £1, but couldn't reach agreement on how much of Woolworth's £385 million debt it would take on.
Shares in Woolworths had fallen by more than 90% over the past year as concerns over its future have risen.
In September, the firm reported a record first-half pre-tax loss of £90.8m and scrapped its dividend to shareholders.
However, just a few months ago, in August, it rejected a takeover bid of £50m for its 815 stores from a group headed by the founder of the Iceland frozen food chain, Malcolm Walker.
In addition to the Woolworths stores and its 40% stake in 2 Entertain, the company runs distribution business Entertainment UK.
(BMcC/KMcA)
About 200 Woolies' jobs are under threat here, but administrators Deloitte have said the stores will remain open until after Christmas and staff will be paid.
However, medium term job security remains uncertain.
There remains growing concern for the future of furniture retailer MFI which is also to go into administration.
The company employs 30 people at three stores in Northern Ireland and another 30 to fit kitchens and bathrooms.
It is understood staff have been asked to stop taking orders at its stores in Spucefield, Bangor and Newtownabbey.
Woolworths - which has just completed a major store refurbishment at its north Belfast outlet at City North (formerly Yorkgate) - said in a statement yesterday that it was in discussions over the potential sale of its 840 stores - which have clearly now failed.
London-based Woolworths has stores locally in Banbridge; Londonderry; Enniskillen; Lisburn; Coleraine; Portadown; Armagh; Bangor; Connswater Shopping Centre, East Belfast and the north Belfast store at the former Yorkgate site.
The firm added yesterday that it was also in talks to sell its 40% stake in publisher '2 Entertain' to the BBC Worldwide concern, which already owns the other 60%.
A specialist restructuring firm, Hilco had offered to buy the chain of shops for just £1, but couldn't reach agreement on how much of Woolworth's £385 million debt it would take on.
Shares in Woolworths had fallen by more than 90% over the past year as concerns over its future have risen.
In September, the firm reported a record first-half pre-tax loss of £90.8m and scrapped its dividend to shareholders.
However, just a few months ago, in August, it rejected a takeover bid of £50m for its 815 stores from a group headed by the founder of the Iceland frozen food chain, Malcolm Walker.
In addition to the Woolworths stores and its 40% stake in 2 Entertain, the company runs distribution business Entertainment UK.
(BMcC/KMcA)
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27 August 2001
Kingfisher approve Woolworths chain demerger
Kingfisher investors have approved the demerger of the Woolworths chain stores in the UK. Shares in the retail chain store will begin trading next Tuesday. Former Railtrack boss Gerald Corbett, who joined in March to oversee the demerger, will head the newly separated business. However, despite turnover of around 2.
Kingfisher approve Woolworths chain demerger
Kingfisher investors have approved the demerger of the Woolworths chain stores in the UK. Shares in the retail chain store will begin trading next Tuesday. Former Railtrack boss Gerald Corbett, who joined in March to oversee the demerger, will head the newly separated business. However, despite turnover of around 2.
31 March 2009
Armagh 'Woolies' Site Lease Agreed
Best Property services have confirmed that the site of the former Woolworths, Armagh has been agreed for lease this month to discount retail giant Around a Pound. Woolworth in Armagh was one of 19 stores to close in January when the administrators were brought in amid mounting debts of £385m.
Armagh 'Woolies' Site Lease Agreed
Best Property services have confirmed that the site of the former Woolworths, Armagh has been agreed for lease this month to discount retail giant Around a Pound. Woolworth in Armagh was one of 19 stores to close in January when the administrators were brought in amid mounting debts of £385m.
02 February 2009
Woolworths To Return Online
Failed retailer Woolworths is to return as an online retailer, in an unexpected move, following the acquisition of the name by Shop Direct. Just weeks after the company went into administration, which saw the closure of more than 800 stores, Daily Telegraph owners Sir David and Sir Frederick Barclay confirmed they have bought the brand.
Woolworths To Return Online
Failed retailer Woolworths is to return as an online retailer, in an unexpected move, following the acquisition of the name by Shop Direct. Just weeks after the company went into administration, which saw the closure of more than 800 stores, Daily Telegraph owners Sir David and Sir Frederick Barclay confirmed they have bought the brand.
11 July 2014
Around 50% Of Belfast Shops To Open On Twelfth
Despite low expectations for trade, around half of Belfast city centre's shops will remain open on the Twelfth. This year is the fourth year that shops have decided to remain open on the marching day, but the number of stores doing so has fallen from around 80% in 2010.
Around 50% Of Belfast Shops To Open On Twelfth
Despite low expectations for trade, around half of Belfast city centre's shops will remain open on the Twelfth. This year is the fourth year that shops have decided to remain open on the marching day, but the number of stores doing so has fallen from around 80% in 2010.
28 August 2001
Share surge as trading begins on Woolworths
Shares in UK store chain Woolworths have surged on their first hours of trading, up from an opening price of 25 pence to 31.25 pence.
Share surge as trading begins on Woolworths
Shares in UK store chain Woolworths have surged on their first hours of trading, up from an opening price of 25 pence to 31.25 pence.
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Northern Ireland WeatherThis Evening and Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 7 °C.
