The management of Woolworths has been locked in crisis talks this weekend as Hilco sweetens its £1 nominal offer with a move to take on more of the high street chain’s £385m debt, says The Sunday Times.
The restructuring company has offered to take on £300m of debt, leaving the retailer with just £85m. Woolworths employs 30,000 people and has 10,000 pension fund members.
If Hilco succeeds it plans to keep 250 stores out of a total of 800, selling off the rest to supermarket chains or high street stores.
Shares closed on Friday at a record low of 1.5p.
23/11/08 The Sunday Times 3 Observer Media & Business 3 The Independent on Sunday 10 Financial Times 1 08 Daily Mail Financial Mail 1
