DIYWEEK.net

Talks to save troubled high street chain Woolworths are continuing this week after a revised rescue bid was drawn up.
Hilco, who have tabled an offer of £1 to buy the chain's 800 stores, have now agreed to take on £300m of the ailing firm's debts, according to a Sunday Times report over the weekend.

As the news of the improved offer filtered through shares in the firm opened at 1.47p this morning up from Friday's 1.43p.

Restructuring specialists Hilco's offer would, according to the paper, leave Woolworths with just £85m of debt.

The deal would leave Woolworths with EUK, its entertainment wholesale division, and 2Entertain, the music and video publishing venture with the BBC.

The chain has about 30,000 staff whose jobs could be at risk if a deal is not struck and the chain falls into administration in the face of its mounting debts.

Woolworths, who could celebrate a century of trading next year, confirmed talks were ongoing last week, but were unavailable for comment this morning.