The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
27,000 jobs Number of planned job losses
Announcement Date
22 December 2008
Employment effect (start)
22 December 2008
Foreseen end date
5 January 2009
Description
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.
Eurofound (2008), Woolworths, Closure in United Kingdom, factsheet number 67738, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67738.
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