Final day for Woolworths

Jan 6 2009

The last remaining Woolworths stores will close their doors for the final time at the end of trading.

The closures bring to an end a massive clearance sale which even saw the stores' fixtures and fittings sold off at bargain prices.

The collapse leaves 27,000 workers out of work.

The firm's 807 stores have been closing in tranches throughout the final weeks of December after selling off stock, fixtures and fittings at discount prices.

The final 200 were expected to close on Monday but administrator Deloitte gave the chain a brief reprieve to shift the remaining stock and allow final arrangements to be made.

Deloitte would not confirm how much money has been raised by the stock sale but many stores have been emptied by bargain hunters.

It has held talks with other retailers to take on the leases of around 300 Woolworths stores and hopes to sell off the Ladybird children's clothes and Chad Valley toys brands.

Dragons' Den entrepreneur Theo Paphitis showed an interest in buying parts of the collapsed chain.

But after days of negotiation at the start of last month, Mr Paphitis, who made his fortune by turning around companies including stationery business Ryman and the Contessa and La Senza lingerie chains, said it had not been possible to reach a deal with administrators from Deloitte.

Mr Paphitis said: "My vision was that we could retain the Woolworths brand name through purchasing a large share of the existing retail business. This would have involved providing a secure future for as many employees as possible."