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Woolies in last ditch talks
Last-ditch talks to rescue Woolworths are close to collapsing after the troubled retailer's lenders refused to sign up to a deal, reports the Telegraph.
A syndicate of lenders – led by Bank of Ireland subsidiary Burdale Financial and GMAC Commercial – were holding out last night and refusing to approve the sale of the group's retail chain. Talks were continuing into the night and executives close to the negotiations said there was still a chance they could secure the lenders' agreement. However, they warned that both the deal and Woolworths were now "teetering on the brink of collapse".
