Woolworths Begin Store Closures Ahead Of New Year

High street retailer Woolworths will shut the doors on more than 200 of its stores later as it prepares to close for the final time.

The store, which has been a fixture in Britain’s towns for 99 years, entered into administration last month.

A total of 27,000 permanent and temporary staff will lose jobs by the time Woolworths’ remaining closures come into effect on January 5th.

All of the company’s 800 stores slashed prices further yesterday (December 26th) in a bid to make the chain more attractive to any potential last minute buyer.

Despite optimism that Woolworths could be saved, administrator Deloitte said last week it had "not come close" to securing a takeover.

Instead, it’s likely stores in prime high street locations will be snapped up by other retailers – a move which could offer optimism for existing Woolworths’ staff.

Today’s closures include stores in Liverpool, Prestwick and Penzance.

Zavvi 'Crunched'

As previously reported on Gigwise, music retailer Zavvi became the latest victim of the credit crunch on Christmas Eve.

The company, formerly Virgin Megastore, has suffered since the demise of Woolworths.

The store relied on Woolworths' distribution branch Entertainment UK (EUK) to deliver its CDs, DVDs and video games.

Zavvi continued trading yesterday as administrators Ernst & Young began the search for a buyer.