99 Years And Closing...
There used to be a time, even before Wal-Mart came, there used to be a good old store where kids used to run around, women used to check their fashion goods and husbands used to wait outside. A sad news came to reality when the Woolworths Group announced that it would be closing all its 807 Stores. They revealed that the countdown had started and have kept the deadline January 5 2009' as the closing date.
The Woolworths Group company is a descendant of the original F.W.Woolworth chain that begain in the U.S. in 1879. It opened its first store in Liverpool, England in 1909 and in 1982 there was a split with the British Chain taking its side. Woolworths Group has been operaing at a loss for years. It had a debt estimated at $580 Million. As time passed and in came the recession as well a low show of consumer's, and also no offer's were coming for a buy out, it had to leave everything behind and close it all up.
After 99 Years of being in business, Woolworths, one of the biggest and most known brand in the Britain as well as in U.S. has told that it would be going out of business. The 99 Years had been really great for them, but the sad news was about closing it when no one offered enough cash to buy it out. Eventually they had to close it down. As the closure of its 807 stores would come, some 27,000 employees would be losing their jobs over the Christmas Holidays. Employees were heard as saying that this would be the most miserable Christmas they would ever have and most probably welcoming the New Year being unemployed. Along with the Employees, many devoted customers were disheartened. Everyone went sad about this.
Thousands of shoppers were seen in Woolworths stores for the last time bargains they could get and wanted to bid it farewell. A shopper said, "Its terrible. It's iconic in England. I find it so depressing. People have grown up seeing the store." Britons have lost an old friend, the one who was running around for a long while and had families come together.
The first 200 stores will close up on Saturday, December 27 2008, another 200 on December 30 2008 and the further remaining by January 5 2009, which will make the giant sleep. Some 50 Million new stock will be rushed to the stores which includes, DVD's and CD's. Goods have been placed on 20 to 60 percent and it will be increased as the count down comes near. On the other hand Deloitte said some retailers have shown interest in buying some 300 Woolworths stores. The Joint Administrator Neville Khan said: "We are now moving to the closing down sale period. It is a very difficult situation for a lot of people, particularly the staff, and we are trying to deal with it in a sensitive way as possible." It also revealed on the other hand that most jobs would be saved as Deloitte would pass the emloyees to the buyers of its 300 stores. Mr. Khan has also revealed that the Trademark of Woolworths would be sold, lets see what its 'Worth It' brand, value.
Woolworths has seen tremendous sales in the recent weeks on annoucing its closure and putting discounts forward. Shopper's have made a come back to the stores who had lost contact with the brand for decades.
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