The end of Sidmouth Woolworths?

WOOLWORTHS closing-down sale started yesterday in Sidmouth with bargain hunters flocking to the store.

Deloitte, its administrator, announced the closing down sale on Wednesday after they have been unable, so far, to find a buyer.

Last week seemed to mark the beginning of the end for the retailer which offered up to 50% off goods in the hope of generating revenue and shifting stock.

Woolworths went into administration on 26 November with £385m of debt.

Deloitte is due to consult with Woolworths' staff, including the 15 employed in Sidmouth, over the possibility of redundancies.

They have said if no offers are made soon, some shops could close for good by the end of the year.

Dragons' Den star Theo Paphitis made an unsuccessful bid after he could not reach an agreement with Deloitte but several retailers have been linked to the sale of individual stores, which would lead to the break-up of the business.

A spokesman for Deloitte 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."

The chain was due to celebrate its centenary anniversary next year.