Woolies sympathy: rediscovered

woolworths.jpgA few months about we blogged about Woolworths’ financial problems. Back then, we had misplaced our sympathy somewhat – but after the news yesterday that the much-loved chain is likely to be put up for sale for just £1, our sympathy synapses were finally re-stimulated.It’s not just Woolies, though - the whole high street is in trouble. In response to figures out today which revealed retail sales shrunk by 0.1% during October, Marks and Spencer announced its ‘One-day Christmas spectacular’, slashing 20% off the price of, well, pretty much everything – its first pre-Christmas clearance sale for four years, according to The Guardian. The Arcadia group, which owns TopShop, Dorothy Perkins, and Miss Selfridge, is said to be ‘seriously considering’ cutting prices, and Debenhams is running a 25% of sale for the next three days.How is the government going to ease this? Experts are predicting another cut in interest rate next month after minutes from the last meeting of the Monetary Policy Committee (MPC) revealed they considered a 2% cut in November, while Alistair Darling is expected to make provisions in his pre-budget report.We’re genuinely worried about the fate of Woolies now. If it goes into administration, where will millions of children get their pick’n’mix from?

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