Woolworths going into administration is extremely bad news for the retail industry, but it may trigger a pre Christmas bonanza for shoppers seeking bargains.
Woolworths is holding a huge amount of stock at the moment to support annual sales of £1.7 billion. Even though placed in administration, Woolworths shops will remain open in the vital run up to Christmas.
It’s staff will be paid (thankfully), but the administrators are under pressure to recoup as much cash for Woolworths’ creditors as possible. All those millions of items sitting in the warehouses and stores represent ready cash that can be generated very quickly.
Woolworths administrators are very likely to authorise the liquidation of stock and that means slashing the prices in the high street stores. There may be some significant savings for bargain hunters very soon.
Computer games, DVD’s consoles, toys, the whole range of products that Woolies sell, are all likely to be available at excellent prices, probably just above cost. You should keep an eye on your local Woolworths store to catch some excellent bargains as soon as they become available.
A stock liquidation sale by Woolworths is the last thing it’s competitors need in these difficult trading conditions, even though hard pressed shoppers will benefit from their misfortune. In the meantime, we feel sorry that a significant part of UK retailing history has met its end.