Crisis Talks To Save Woolworths from Administration

daveza

daveza

Honorary Master
Joined
Apr 5, 2004
Messages
49,868
Reaction score
21,625
Location
Durbanville, Cape Town
Now before all you woolies-muffin-munchers have a coronary, this is Woolworths UK.

800 branches under threat - which gives an insight into the severe consequences of the global credit crunch.

For once SA seems a little better-off ?

http://news.sky.com/skynews/Home/Bu...th_Revised_Deal_For_The_Business,_Reports_Say

Emergency talks to save Woolworths from going into administration are reportedly continuing as a revised deal is drawn up.

If agreement is not reached in the next few days, then around 30,000 jobs with the troubled high street retailer could be at risk.

The restructuring specialist Hilco was said to be interested last week in buying the group's 800-store business arm for a nominal £1 and taking on about £265m of Woolworths' debts.

But the syndicate of lenders to Woolworths, led by Bank of Ireland subsidiary Burdale Financial and GMAC Commercial, are thought to have rejected that deal.
Click to expand...
 
funny thing happened.
last weekend placed an online order for laaities christmas present from woolworths..some 20in1 football table, that can play ping pong and all that stuff also, very nice, for £99.99 +free delivery.
http://www.woolworths.co.uk/web/jsp/product/index.jsp?pid=51644747

got an sms from them on thursday - order delayed, will keep me updated. between sunday placing order and thursday getting sms there had risen a stink from woolworths. so i think laaities christmas present may be credit crunched.

why is it funny? because, when paying by cc or debit online, you are guaranteed by law on items over £100. so if they went bust and it had cost 1p more, i would get my money back. now, i am just hoping they stick around long enough to deliver his christmas present, otherwise on the 25th I am going to give him a crash-course in economics and we will be writing a "dear gordon, you suck" letter.

hell has no fury like a kid being denied his christmas present due to a one-eyed toff meddling with the economy.
 
Woolworths UK is a useless store and it probably wont be missed if the one near me closes.

Other stores like Tesco and Argos offer better products at cheaper prices so there is no worry if Woolworths closes down.
 
werner said:
funny thing happened.got an sms from them on thursday - order delayed, will keep me updated. between sunday placing order and thursday getting sms there had risen a stink from woolworths. so i think laaities christmas present may be credit crunched.

why is it funny? because, when paying by cc or debit online, you are guaranteed by law on items over £100. .
Click to expand...

On internet transanctions paid with a CC you're guaranteed any amount.
I also think CC transactions are only debited WHEN the order ships and not before. If the item does not arrive you have the bank or cc company reverse charges.
I would gather that if a store went bankrrupt their accounts would be closed but perhaps there is a delay when you can claim. I know of similar talk back in 2000/1 when Express.com and 800.com - both budget DVD stores in the US went bust and people were worried over their paid orders not being fulfilled.
 
not so I'm afraid according to what I know about cc's in the UK

For section 75 (of the consumer credit act) to apply, certain conditions must be met. Most credit card purchases will be covered, but:

* the cash price of the goods or services must be more than £100 and not more than £30,000; and
* purchases are not covered if they are made by debit cards or by charge cards (where the monthly bill has to be settled in full).
Click to expand...
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/31/creditcards-31.htm
http://www.bbc.co.uk/consumer/guides_to/credit_liability.shtml

immaterial for me either way, i banned my wife from ever having a cc, and she bought the goods on her debit card. So I likely spent £99.99 on "school fees" during this learning experience
<edit> just checked online banking and i have been debited 99.99, so i take it they got their money.
hehhe, ah ****, whatever. school fees like i said...in 2 months time the company would be 100 years old. zap. dead.
 
Last edited:
What is the relationship between Woolworths UK and Marks and Spencer,

and, is there a relationship between either of these and Woolworths SA ?
 
a) none, woolworths sell pic 'n mix sweets and other tat instore, marks and sparks do quality clothes and food (similar to woolworths s.a.)
b) also none, totally seperate company, different market segments also. no relationship with M+S either
 
werner said:
b) also none, totally seperate company, different market segments also. no relationship with M+S either
Click to expand...

I think there is some link (or was a link a while back).

The packaging and labeling is very similar in both countries (obviously except for the country specific labels needed by law in the UK.)
 
I fear that things here are still going to get even gloomier in the near future.
Lets see what the retail sales are like over the Xmas period.
 
PPC_SouthAfrica said:
That is a relief that its not our Woolies, and that they are safe for now.
Click to expand...

I think our Woolies could do with a shake up - their prices have just become ridiculous and I find their current in-store marketing to be way too devious. They like to put great big Great Value labels next to random items creating the impression that they have special offers. And their other favourite is to reduce the quantity but to keep the packaging the same (and the price).
 
Last edited:
Recently had a look at the Men's health guide to healthy foodstuffs, many of the items were Woolworths brand!

No muffins for me @ 400 calories each:)
 
woolworths Uk shares suspended as of 7:30am this morning pending an announcement.

my guess - somebody found overfilling the pick 'n mix cups again,
gordon brown said to be "furious"
 
woolwRSA seem to have some sort of glitch - can't pull my card balance it just says unavailable.... :rolleyes:
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X