Walker ‘will make Woolworths a revised offer’

Malcolm Walker is expected to go back to Woolworths with a new offer for the company’s stores.
Despite Woolworths rejecting his initial proposal to buy the 815 outlets, the founder of the Iceland food retailer believes he is still in a strong position to revive the troubled business. He is reported to be likely to adopt a back-to-basics approach with the stores, cutting both the overheads and the product range.

Walker heads up a consortium that includes retail investor Baugur, which has a 10% stake in Woolworths.