Woolworths, a UK retailer, has announced the closure of all of its 807 stores in the UK with the loss of 27000 jobs. All of the stores will be closed by 5 January 2009. The company entered administration in late November 2008 as it had GBP385 million of debt that it could not pay as credit markets tightened. The firm was also severely affected by reduced consumer spending during the current economic downturn, and competition from other large retailers.
For further information, see the EIRO report.