A decade after its American cousin chain gave up the ghost, "Woolies" in Britain is liquidating. From yesterday's Times:

Woolworths will hold a closing down sale tomorrow after administrators failed to find a buyer for the company's 813-store retail chain.

Deloitte, the administrator of the store, announced this evening that although negotiations are ongoing it would close the chain, which fell into administration last month.

The administrator made the announcement after informing Woolworths' staff. The closure of the stores makes mass redundancies likely. The group employs 30,000 people, approximately 25,000 of whom work in the retail arm.

Neville Kahn, the administrator, said: “We continue to make every effort to convert interest in the Woolworths assets into firm offers. 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. By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers.”