Bidders flock to acquire parts of Woolworths
Sunday 30th November 2008, 12:10PM GMT.
Supermarkets, entrepreneurs and shareholders in collapsed high street giant Woolworths are all bidding for parts of the firm’s operations.
Deloitte, the firm handling the retailer’s adminstration, has said it has received many expressions of interest for the store since it started supervising its operations on Thursday.
Media reports suggest there are up to 10 bidders who are seeking to turn around the business’ fortunes.
Tesco, Asda, Iceland, Poundland and Wilkinsons are all considering making offers for Woolworths’ food stores. The company’s largest shareholder, Ardeshir Naghshineh, is also reportedly lining up a bid for the entire group which will include taking over Entertainment UK and publishing business 2 Entertain.
Dragons’ Den star Theo Paphitis has also met with the administrators to discuss a planned bid for the firm.
Speaking to the Guardian, the magnate who is credited with turning around struggling businesses Ryman and La Senza said: “It’s what I do, I look at businesses in distress. It is early days. The situation will become clearer in the next week or two,” he added.
Woolworths has 815 stores and four distribution centres and its severe problems could endanger 30,000 jobs.
The prime minister had said the government was working towards ensuring that the store would remain open until after Christmas.
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