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The Wonder of Woolies?




Whilst the press have been leading with the expected 2.5 per cent cut in VAT, another event may well have a bigger effect on consumer confidence.

There is talk that unless creditors, predominantly banks, agree a last minute deal, Woolworth's will close their doors this week. This will result in 30,000 direct job losses and potentially a further 100,000 to 120,000 jobs in other related businesses.

In Wales, that probably amounts to around 1500 direct jobs across the country.

The closure of this iconic retailer, which has a shop in almost every high street in the UK, in the run-up to Christmas will have a major effect on shoppers and the retail industry as a whole.

It will also be the real test, despite rhetoric from the Treasury, of whether banks in the UK are prepared to support British business.

Comments

Anonymous said…
Tomorrow's PBR will do nothing. The only way to deal with this is to cut the waste out of Government
November 23, 2008 12:37 pm
Anonymous said…
If you want to help Woolies out at all, there is a voucher available for the next few days which will give you up to a 20% discount!

http://www.gratisguidance.co.uk/www/?p=2784
November 24, 2008 1:31 pm
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