Will Woolworths enter administration in 2008?

A bit more information from one of the links:
Around 30,000 jobs are at risk as Woolworths thrashes out a possible rescue deal to avoid administration, which could reportedly see it sold for £1.
Hilco, the restructuring specialist, is said to have made an approach to buy the retailers' 800-store business arm for the nominal sum, reportedly sweetening its offer at the weekend by saying it would also assume a greater share of Woolworths' debt.


http://itn.co.uk/news/9b53a1ebbf8d02fbc0e3fd14b5f8bb7f.html

Woolworths' still exists?!? I thought they disappeared in 1970?

They're still there in England, and whenever the wife and I go to County Durham we always go and take a look around the one in Bishop Auckland...it's just like the old, traditional 5 and 10 we use to have more of around here.

For anyone confused on 'enter administration' as I was, our creator has provided a bit more info:
"It is equivalent to US Chapter 11, bankruptcy or insolvency. its the British term when a company has no assets to cover costs and a court appoints an administrator to attempt to rescue the company."

Wow woolworths...just had a major flashback to the late 50's. Now if someone says Newberry's I will know i spent to much time weeding the salvia today.

I guess their niche has been filled by Dollar Stores and similar outfits. It's amazing Woolworths let itself be displaced, given that it had the mindshare in that slot.

@all my friends:

I can explain the confusion. Before the 1970s, Woolworths in the United States was one of the leading "dime stores", somewhat equivalent to the dollar stores today but on a different and more primitive scale. It was always great fun to go to Woolworths and find fascinating small items: a scissors, an inexpensive china figurine, a 25 cent toy, etc. And an old-fashioned soda fountain.

Next I encountered Woolworths in Nairobi, Kenya in 1969 and was quite startled to see that it was a very different type of business outside of the United States. When I eventually moved to Johannesburg, South Africa, I became better acquainted with Woolworths (which was very popular and everywhere): a good everyday wear clothing store, which added an excellent food delicatessen and great gift items. To an American's way of thinking, it would be closer to Kohl's than to Sears with an outstanding food delicatessen thrown in. I never quite figured out the sales correlation between lower middle class inexpensive clothing and elite upper class food.

Clothes were well made to the point of being indestructible: the only way to get rid of Woolie's clothing was to take it out and shoot it or give it to charity (so that you could get something else)...But if you were invited to someone's home for dinner and you heard that the cook had been shopping that afternoon with her "Auntie Woolie", you knew that you were in for a feast...Again, surprisingly, the gift sets tended to be cheap "cologne sets", and food sets that got recycled at Christmas...

Now our American friends know all about the current Aunt Woolie, based in Britain and the former British colonies, who may have bitten the dust before you read this...I hope not...

"High Street legend Woolworths has buckled under its debt and is set to go into administration, BBC business editor Robert Peston has learned."
http://news.bbc.co.uk/2/hi/business/7751064.stm

Flagged at 12:05 PM...news report at 17:21 GMT... are there any earlier reports out there?

@Randburg
"But if you were invited to someone's home for dinner and you heard that the cook had been shopping that afternoon with her "Auntie Woolie", you knew that you were in for a feast..."

What I enjoyed most about Woolworths in England was the selection of candy you could buy by weight. I love all the junky English candies, and their cases of 'bulk' candy always excited me...I've brought back pound and pounds (or is it kilos) for my students and friends over the years!!!

Still trying to get the earliest times for the announcement

Woolworths enters administration

* Published: 26 November 2008 17:35
* Author: George MacDonald
* More by this Author
* Last Updated: 26 November 2008 19:52

Woolworths has gone into administration

Updated: Woolworths' retail division and its entertainment supply business EUK are being put into administration.

Woolsworths and Entertainment UK have resolved to file petitions for administration in the High Court; Woolsworth Group is not in administration, remains in talks with BBC Worldwide over 2 Entertain sale 7:06am GMT

http://uk.reuters.com/

My understanding is that Woollies are filing for admin this morning with Deloitte being appointed Administrator - therefore its not a done deal yet

http://news.sky.com/skynews/Home/Business/Woolworths-And-MFI-Go-Into-Administration-Tens-Of-Thousands-Of-Jobs-At-Risk/Article/200811415162785?f=rss

Administration confirmed now

While there was much speculation over the last few days about this topic, efforts continued through to late last night to find alternatives. The filing application was made this morning and Deloitte are now appointed.

The heiress who blew the Woolworth's billions on vodka breakfasts, seven husbands and jewels galore
http://www.dailymail.co.uk/femail/article-1090093/The-heiress-blew-Woolworths-billions-vodka-breakfasts-seven-husbands-jewels-galore.html

Frank W. Woolworth was a colossus, a man who started life in the backwoods but went on to build a worldwide business empire and a mighty New York skyscraper, the Woolworth Tower, just to remind people how powerful he had become.

He worked every day of his 66 years, and when he died he left the equivalent of a billion pounds in his will. His family blew it all.

It has taken the Woolworth company more than 100 years to reach its nemesis. But it took Frank Woolworth's family a fraction of that time to ruin itself.

(More at the link)