I was not shocked to hear tonight that Woolworths have finally been put into administration. I was quite sad though as this is *the* shop where you used to be able to purchase EVERYTHING!
That said, with over 814 UK stores and facing competition from the large supermarkets, not to mention the current economic climate, I am actually surprised they lasted as long as they did. I did wonder this time last year when the issued profit warnings just how long they could hold out.
So what of the employees??? It is becoming increasingly worrying the amount of people who are losing their jobs due to the credit crunch - can I say recession yet? I guess we should be coming up on the two quarters of negative growth soon!
I did venture down to Woolworth's Big W store tonight to use up some vouchers as I have a sneaky feeling the shutters may be down by tomorrow. Obviously the staff are dejected and ill informed. They were standing around talking, wondering if they would get their wages on Friday. I did *jump in* on the conversation to tell them the latest from BBC News 24 was that apparently money was ring fenced to pay wages this Friday !!
My friend who lost through Farepak worried me also as she had posted on the site that she had ordered and Xbox. I hastily posted back "have you paid for it yet............."? Thankfully she had not - would have hated for her to have lost money again.
I guess we shall just have to wait and see what tomorrow brings but with debts of almost £400 million, I am not optimistic that Woolies will be saved as an ongoing concern!
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