The Bookseller.com

2nd December 2008

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Cuts likely at Woolies

18.09.08

The new chief executive of Woolworths plans to close the company’s final-salary pension scheme, cut jobs and sell stores after the ailing high street retailer reported a record £100m half-year loss, reports the Times. He is also ending the brief foray into home shopping through its Big Red Book catalogue.

Steve Johnson, who took over a fortnight ago, said that there needed to be a radical reduction in costs if the 99-year-old business were to survive. He conceded that job cuts were inevitable. More than 120 larger Woolworths stores could be sold, closed or downsized.

The Times

Retail Woolworth's Bertrams EUK woolies THE Steve Johnson