Major UK Names Enter Administration
November 26, 2008
High Street old timer Woolworths with 815 stores UK wide has today gone into administration.
This will put thousands of people out of work with the board of directors meeting at 6pm to make a decision regarding Woolworth’s future.
Not only this, but MFI are also set to go into administration. Problems cited have been less demand, cash flow problems and credit terms being withdrawn. Though not all of the 110 stores are closing, only 24 will remain open.
Back to Woolworths, all 815 stores are in danger with 25,000 potential redundancies. Woolworths have continued to struggle with their £385 million debt, which has been made worse recently as they have had to pay cash to suppliers as they could no longer get trade insurance.
Though there have been great efforts to find buyers for their business, today they have had to accept their fate in administration. I think this goes to show that as much as the Labour Party would like us to believe that the recession will be over in 6 to 12 months, this is unlikely to be the case.
We should look to the long term and prepare for the worst. The recent budget plans seem to be a gamble with Britain’s future, this is the time to be careful and prepare for the next couple of years of doomy finances, not risk everything.
What Else:| Windsurfing Insurance at great prices. |
| If you want Sailing Dinghy Insurance come to us. |
| Life insurance Ireland |
| Cargo Insurance Online |
| Life Insurance Ireland |