Three potential bidders for Woolworths say it is “increasingly unlikely” to be sold as a going concern.
One person close to talks said the complexity of the retailer’s leases and the difficulty of restocking the business after Christmas were mitigating against a deal.
The closure of many stores is viewed as inevitable. A new consortium was reported at the weekend to have emerged among the bidders for some of the shops comprising David Buchler, a company restructuring specialist and former Tottenham Hotspur Football Club chief executive.
A management team led by Woolworths trading director Tony Page is interested in buying some as is Ardeshir Naghshineh, the largest single shareholder. Several supermarket groups are thought to have bid for a small number of outlets.
Deloitte, the administrator, wants to bring the process to a head this week.
08/12/08 Financial Times 21 Times 38, 39
