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Nail in the coffin of Woolworths

Published: 28 January 2009
Woolworths Group plc was last night granted an application for an order of administration.
Nail in the coffin of Woolworths
The firm was in London's High Court to formally make an application for administration in respect of the Woolworths Group.

Woolworths, closed all its outlets earlier this month, following the decision to put them in administration before Christmas.

However, the BBC has stated the profit making 2 Entertain, jointly owned by the corporation, is not in administration and continues to trade.

Woolworths Group had remained outside of the insolvency process, which had focused on the stores and allowed the board to try and maximise the amount received from the sale of its 40% interest in 2 Entertain Ltd.

But, a spokeswoman for Woolworths said: "Negotiations with BBC Worldwide for the sale of the interest continue, but the directors have concluded Woolworths is no longer in a position to pay its debts as they fall due and the High Court application for an administration order was made."

The order, granted by Mr Justice Patten at the High Court in London, will prevent creditors taking further action over debts.

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