Grim outlook for Woolworths rescue | WHAT REALLY HAPPENED


Grim outlook for Woolworths rescue

The outlook for 32,000 Woolworths workers looked grim last night as administrators said they could not find a buyer for the collapsed retail group and were starting a closing down sale.

The 800-store chain, which has already been slashing prices by up to 50%, will move to deeper discounts from this morning to shift stock before Christmas. Some stores may now close before the end of the year. The gloomy news came hours after sports retailer JJB, which is fighting to meet debt repayment deadlines, revealed a further sharp fall in sales and warned that if it does not have a bumper new year sale it will miss profit forecasts.

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