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10/12/2008
Former DIY Boss In Woolworths Bid
The former Chief Executive of Kingfisher has made a bid for 500 stores owned by ailing retailer Woolworths, it has been reported.
The Sun newspaper claims Geoff Mulcahy is prepared to step-up and attempt to save some of the 25,000 jobs at risk.
He told the paper: "You have 25,000 staff at Woolworths and there must be a way of trying to save this business.
"It's late in the day, but there's still a possibility. We're considering a number of options."
However, it has been reported that Mr Mulcahy's proposals could stall after administrators Deloitte agreed to sell 50 Woolworths stores to frozen food retailer Iceland.
The Sun has claimed separate deals are in place to sell off a further 350 stores to a range of supermarkets and discount stores.
Woolworths has become one of the most high profile victims of the UK credit crunch and economic downturn.
Last month the multi-goods retailer's 815 stores and wholesale distribution operation, EUK, were placed in administration.
Woolworths was demerged from Kingfisher in 2001.
Deloitte and Iceland declined to comment to the Reuters news agency on today's media reports.
(PR/JM)
The Sun newspaper claims Geoff Mulcahy is prepared to step-up and attempt to save some of the 25,000 jobs at risk.
He told the paper: "You have 25,000 staff at Woolworths and there must be a way of trying to save this business.
"It's late in the day, but there's still a possibility. We're considering a number of options."
However, it has been reported that Mr Mulcahy's proposals could stall after administrators Deloitte agreed to sell 50 Woolworths stores to frozen food retailer Iceland.
The Sun has claimed separate deals are in place to sell off a further 350 stores to a range of supermarkets and discount stores.
Woolworths has become one of the most high profile victims of the UK credit crunch and economic downturn.
Last month the multi-goods retailer's 815 stores and wholesale distribution operation, EUK, were placed in administration.
Woolworths was demerged from Kingfisher in 2001.
Deloitte and Iceland declined to comment to the Reuters news agency on today's media reports.
(PR/JM)
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