Woolworths workers wait anxiously as potential buyers 'show substantial interest'

Woolworths shop in Yorkshire Street, Rochdale

The future of Woolworths may not be all doom and gloom – as companies show a “substantial interest” in buying the company out.

Meanwhile stores nationwide will taking part in Woolworths' biggest ever sale tomorrow (Friday 5 December), with discounts of up to 50% on all goods.

More than 450 workers in Rochdale are currently hanging onto their jobs by their fingertips as the high street giant tries to scramble out of administration.

If the company does not find a buyer, it will collapse, meaning all staff from the large Castleton call centre, as well as warehouse and store workers, will be made jobless.

But it was revealed today (Thursday 4 December) that Deloitte, a business advisory firm which was appointed as the administrators for Woolworths, have been in discussions with “a number of parties” who are interested in buying Woolworths PLC and Entertainment UK (EUK).

A spokesman said: “We expect talks to continue into the early part of next week.

“We have received a substantial number of bids from parties interested in the Woolworths properties and have gone under offer on a large number of the stores.

“We are working as quickly as possible to assess proposals. We continue to work hard to ensure that any sale of the businesses, in whole or part, will preserve jobs. We are extremely grateful to the staff and management for their cooperation and support at this difficult time.”

Commenting on tomorrow's sale, Neville Kahn, Joint Administrator and reorganisation services partner at Deloitte, announced: "We anticipate increased footfall in the stores and have hired additional staff to cope with increased demand. Additional goods have been moved to all stores and further stock will be added in the coming days."

Speaking specifically on Entertainment UK, Dan Butters, reorganisation services partner at Deloitte, said:

“We have held face to face meetings with the majority of customers and are engaged in constructive talks with both suppliers and customers to make arrangements to resume business.”

The Joint Administrators confirmed that Bertrams Books, a fully owned subsidiary of EUK, and 2Entertain, a joint venture between EUK and BBC Worldwide, are not in administration and continue to trade as usual.

Woolworths and Entertainment UK were placed into administration on 27 November 2008. Neville Kahn, Nick Dargan and Dan Butters of Deloitte, the business advisory firm, were appointed as Joint Administrators.