Woolworths starts closing down sale after failing to find a buyer

Woolworths starts closing down sale after failing to find a buyer

Woolworths will start a closing down sale today (December 11) after its administrators failed to find a buyer for the business.

  

The move will add further fuel to fears that the retailer will be targeted by box-breakers as prices are slashed on mobile handsets.

  

The administrators will continue to search for a buyer for the retailer’s assets and has said negotiations with ‘a number of interested parties’ are ‘ongoing’. If Woolworths fails to find a buyer some stores may close by the end of December.

  

Deloitte reorganisation services partner Neville Kahn, said:  ‘We continue to make every effort to convert interest in the Woolworths assets into firm offers. While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock. By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers.’

  

Woolworths is a major mobile phone retailer in the run-up to Christmas, with an estimated 400,000 handsets sold in the last six to eight weeks of the year.

 

Written by Mobile Today
Mobile Today

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