The administrator to Woolworths Plc said that closing down sales would begin at the troubled British retailer’s stores on Dec. 11 and that some shops could close before the end of the month if no offers for the retail business materialise.
“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,” Neville Kahn, reorganisation services partner at Deloitte, said in a statement.
“By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers,” Kahn said.
Deloitte added that if no offers for the Woolworths business were forthcoming, then it was possible that some stores may close before the end of December.
Woolworths Plc entered into administration – roughly equivalent to Chapter 11 bankruptcy – on Nov. 27.