Home
'
International Express : December 1st 2008
Contents
Front Cover
INTERNATIONAL www.theinternationalexpress.com AUSTRALIAN EDITION 56 PAGES OF NEWS FROM BRITAIN 2 - 8 December, 2008 DID THE RUSSIANS KILL WOOLIES AND MFI GO BUST 31,000 jobs at risk as two of our high street giants collapse MORE than 30,000 jobs were jeopardised last week when High Street giants Woolworths and MFI collapsed. As figures revealed that retail spending had plunged at its fastest rate for 13 years, both famous chains were forced to call in adminis- trators on Wednesday. Stunned analysts described the joint col- lapse as a “bloodbath on the High Street” and warned of mass redundancies of Woolies’ 30,000 staff and the closure of many of its 815 stores. In addition, a further 1,000 jobs may also go at the MFI outlets. Experts said the writing had been on the wall for Woolies. BBC business editor Robert Peston predict- ed around three-quarters of Woolworths stores would shut. He said: “The 815 stores will probably become 200 stores. Heaven alone knows how many jobs will be lost, but we are looking at thousands and thousands of job losses when the economy is very weak.” Whether stores remain trading in the run- up to Christmas – their most profitable period – will be decided as administrators thrash out the best way forward. The first sign of the extraordinary collapse of Woolworths’ retail arm – a firm which is nearly 100 years old but labelled a “lame duck retailer” in recent years – came as the store’s business bosses suspended trading in its shares. Weighed down by a mountain of debt, the company then frantically searched for a buyer all day but was unable to find one. The board TURN TO PAGE 5 OPINION 12, DAY & NIGHT 29, PUZZLES 32, READERS’ COMMENTS 41, SPORT 44-56 Brits in front line of India massacre – PAGES2 & 3 $4.95 (inc. GST) OUR LABOUR LEADER? Frederick Forsyth looks at Gaitskill’s death Page 21 Chelsea title bid stalled by Rockin’ Robin SEE PAGE 56
Links
www.theinternationalexpress.com
Archive
November 24th 2008
December 8th 2008
Navigation
Next Page
