Wednesday, November 26, 2008

[woolies go bust] welcome to the winter of our discontent

You've probably just seen it on BBC 1 or elsewhere about Woolworths going bust today but it really has been on the cards for some time for these possible reasons:

According to Independent Retail analyst Teresa Wickham the group is being squeezed "three ways" in its key toy, confectionary and entertainment markets, leading to lower margins.

It's like the pubs going out of business - everyone regrets it but no one wants to buy there any more. Still, this is a major shock for Britain, all the same. And 30 000 jobs at risk.

8 comments:

jailhouselawyer said...

One hopes there will be no woolly jumpers...

Dragonstar said...

I was just saying elsewhere that it's hard for me to believe. Woollies was an integral part of my childhood and adolescence.
Bad for staff, before Christmas!

James Higham said...

You obviously picked up, JH, that I miswrote Woolies. :)

A great worry for the retail trade, Dragonstar.

UBERMOUTH said...

Yes, that's awful,but you have to admit their merchandise was cheap tat.

CherryPie said...

Part of the problem was, they didn't really have specific market. They just sold all sorts of odds and ends, they had lost there way.

jams o donnell said...

Up to 30,000 jobs is a huge blow. On the other hand I can't think of the last time I actually bought something in Woolworths

jailhouselawyer said...

James: yes.

Jams o donnell: I once absentmindedly (honest) walked out of one with a 37p box of Milk Tray (that's how long ago it was). I mentioned it to a fellow prisoner who was serving 18 months for deliberately doing the same. I was serving 15 months for stealing £1,500!

Ross said...

I think Cherry Pie is right about Woolworths not being specialised enough.

It is one of those places which only existed because it made sense 40 or 50 years ago, no one would start up a store that sold Woolies range of products now.

I feel sorry for the staff though, it must be an awful time for them.