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The "entire Woolworths empire", including its stake in 2Entertain, the BBC joint venture, is likely to be in administration by the end of the week, with its 10,000 pensioners at the back of a queue of creditors hoping to get their money back, reports the Times.
EUK and Woolworths’ 815 retail stores network was placed in administration last week. It is understood that Woolworths’ lenders now believe they could be forced to push 2Entertain into administration by the end of the week if the retailer’s board and the BBC cannot agree a revised price. The fate of Woolworths’ pensioners is linked to the sale of the 2Entertain stake to the BBC. Under the terms of the BBC’s first offer, it would have paid £50 million into Woolworths’ final salary pension scheme with the banks taking the remainder.
The piece does not mention wholesaler Bertrams, another part of the Woolworths "empire" that is not in administration.