Woolworths staring at collapse unless rescue deal with lenders is arranged

[danrok]

From The Times:

The management of Woolworths could call in the administrators within days unless they can secure a rescue deal with lenders.

The board of the retailer has alerted its banks that it could be legally obliged to put the group into administration by the middle of next week.

The rest:
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5209444.ece

[rico sorda]

All woolworth stores to be closed by 5th jan 2009.

How sad will this be jersey's biggest job loss for some time.

rs

[newmac]

I think it's 125 staff locally 

[fryertucker]

Hey Tetris, don't start putting ideas in their heads, we already have a massive Waterfront office site almost underway!!!

[danrok]

The chances are that some other retailer will move in there sharpish.  It's a prime location, and I'm sure the local branch of Woolworths was profitable.

So, a possibility of lost jobs being replaced.

[fryertucker]

Going back to the people losing their jobs, retail in Jersey has always been an easy avenue for work in reality. I would imagine 125 shop assistants won't have many problems.

[fryertucker]

Yer, I could sub-employ them!

Seriously though, hardware stores, supermarkets etc etc etc are always looking for people.

[fryertucker]

Good sales skills is a start to get into finance, after all you are still dealing with the public and good customer care is a quality needed in finance.

[boatyboy]

Sorry fryertucker

Horseplay, the luggage shop, sports shop in great union road retaurants, the internet taking a lot of business, retail becoming GST tax takers for the States. The credit squeeze, less tourists even on short breaks, not a good time for the retailing industry meaning fewer jobs.

bb

[danrok]

Apparently, New Look are moving in to Woolies, and will need about 60 staff, compared to the 80 odd who worked for Woolies.

http://www.newlook.co.uk/women/store.aspx

[rico sorda]

Retail is really struggling at the moment ok its crimbo so its hard to get the real picture lets see what next year brings.. Not a good time to start looking for a new job..

Newlook is quite a hip womens shop with affordable clothes, if they came over here the staff would be different to the woolies staff. i don't mean to be unkind here but they would have young hip women working there just the way it goes.  lets see how our new government will act if unemployment hits our streets next year..

rs

[danrok]

They sell mens clothes as well.  I wouldn't say it's "hip", they don't sell expensive brand names.

[fryertucker]

Retail has had increased competition from the Internet.  I have bought a lot of presents from play.com.  So Rico may have a point.  But from my understanding you don't have to look too far to find a job in a shop.

[Fritz]

It doesn,t matter what they sell. If folk have no money, they will be selling bugger all.

[rico sorda]

Hey danrock.

I worked for h&M on oxford circus for a while and got a good idea how these shops work.. Newlook will not be taking on the woolies staff thats for sure. Fashion is a whole different ball game..

Fritz i totally agree..