Last-ditch attempt to save Woolworths from administration

The entire Woolworths group is fighting to save itself from administration as emergency weekend talks continue into today.
Restructuring specialist Hilco is reported to want to buy Woolworth’s shops for a nominal £1, and to have now offered to take on more of the retailer’s debt.

Hilco is said to be willing to assume up to £300m of the total £385m debt. An earlier offer from Hilco to take on £265m of it was rejected.

According to The Sunday Times yesterday, unless a deal is reached in the next few days, the group could fall into administration, putting 30,000 jobs at risk.

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