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The problem with Woolworths is that their debt is too large. Other retailers have looked at it, it was on offer for a £1, and cannot see a way either to pay off the debt and/or continue to make money. Its a great pity that the management let them get into that state in the first place. Once you spiral that far down your goose is cooked.
The sad thing for all of us is that its going to leave a very big black hole in the middle of Dover's shopping precinct. I was over there parting with cash yesterday, and incidently saving a good few bob with the vat reduction, and was visualising Woolworths gone. Prospect is very bad. There are other shops very empty right there too with other retailers very slow to take up trading here in Dover. Sad and bleak at the same time.
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