The entire Woolworths group is fighting to save itself from administration as emergency weekend talks continue into today.
Restructuring specialist Hilco is reported to want to buy Woolworth’s shops for a nominal £1, and to have now offered to take on more of the retailer’s debt.
Hilco is said to be willing to assume up to £300m of the total £385m debt. An earlier offer from Hilco to take on £265m of it was rejected.
According to The Sunday Times yesterday, unless a deal is reached in the next few days, the group could fall into administration, putting 30,000 jobs at risk.