The Bookseller.com

5th July 2009

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Woes continue for Woolworths

07.10.08

Woolworths' share price slumped by almost a sixth yesterday after it was revealed the retailer had canceled direct debit payment of its business rates.

After a torrid day's trading across the world financial markets yesterday, the Daily Telegraph reported that shares fell 0.65p to 3.36p, a fall of 16.21%.

A spokesman for Woolworths told the newspaper it had taken the decision to suspend payments because the retailer has already paid its business rates 12 months in advance and wants to focus on improving cash flow, explained the spokesperson.

“Woolworths Group is currently in credit in terms of its business rate payments. On that basis we are simply rescheduling payments on account,” added the spokesman.

The Daily Telegraph

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