Woolworths Stores Enter Administration, Risking U.K. Jobs
By Howard Mustoe and Louisa Nesbitt
Nov. 27 (Bloomberg) — Woolworths Group Plc appointed administrators for its chain of stores and MFI Retail Ltd. collapsed, putting almost 30,000 U.K. jobs at risk, as the economy’s slide caused consumer spending to slump.
Woolworths, which opened its first shop in 1909, had Deloitte appointed as administrators today after an attempt to sell the stores ended. MFI appointed administrators yesterday.
Retailers are under pressure as a spending slump hits the U.K. The government pledged 20 billion pounds ($30 billion) of loans and tax cuts this week to spur the economy. Home- improvement retailer Kingfisher Plc today said consumer confidence was “shaken,” while DSG International Plc, the largest consumer-electronics retailer in the country, scrapped its dividend. Read the rest of this entry »
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