Former Woolworths chief executive Sir Geoff Mulcahy will tomorrow talk to Ardeshir Naghshineh, Woolworths' biggest shareholder before the company collapsed, over a possible 11th-hour rescue plan, which is scheduled to shut its doors for the final time in less than three weeks.

Sir Geoff, who launched a fierce broadside last week against Deloitte, the administrator, describing its handling of the process as 'disgraceful', will meet with Naghshineh, the property entrepreneur who owns the Centrepoint building in the West End.

A source close to the pair said: 'The reality is that most people are keen to keep Woolies alive, no matter how improbable it seems at the moment. The chances of anything happening remain slim but it's worth a shot.'

Independent on Sunday