The UK-based Woolworths Group Plc has now gone into administration, a move that threatens a cherished British mainstay. The century-old Woolworths - or Woolies - actually started in the United States, though its legacy survived across the Atlantic long after its American closure. The administration process, similar to bankruptcy in the United States, also affects division EUK, a distributor of video and music to other retailers.
Woolworths is known for its nostalgic touches, though quaint relics are now getting battered by modern-day economic winds. Just recently, Prime Minister Gordon vowed to prop the retailer through the holidays, though the company eventually faces closure, liquidation, or buyout.
Woolworths is a diversified retailer, and its inventory includes DVDs and CDs, as well as a music download store. That is part of a broader ecommerce move, though woolworths.co.uk was down for significant parts of the weekend, a critical shopping period. In May of this year, the company ditched CD-singles, though the company continued to revamp its online woolworthsdownload.co.uk, a source for music, film, gaming, and mobile content.
On the street, the retail giant has been criticized for carrying sub-par inventory and service, though its locations are frequently in well-trafficked spots. That prime real estate, along with a timeless name, are now attracting a swirl of potential buyers, according to administrator Deloitte.
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