Woolworths is launching a store closing sale today on top of already heavy discounting.
Administrators Deloitte continue to seek buyers for the Woolworths assets and negotiations but if there are no offers for the business, some stores may close before the end of December, Deloitte said.
Neville Kahn, reorganisation services partner at Deloitte, said: ‘We continue to make every effort to convert interest in the Woolworths assets into firm offers.
‘While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock. By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers.’
The administrators will begin a consultation process with all employees to provide an update on the latest developments and discuss the support available in the event of redundancies.
Neville Kahn, Nick Dargan and Dan Butters of Deloitte, the business advisory firm, were appointed as joint administrators on 27 November and have sought a buyer for Woolworths as a going concern.