Half of Woolworths’ 30,000 employees could lose their jobs if a new rescue plan goes ahead.
Former Tottenham Hotspur executive David Buchler wants to keep the Woolworths name going, but save only around half of the existing 800-plus stores. Some 15,000 jobs would be retained but staff would have to apply for new jobs with the retailer.
Television’s Dragons’ Den entrepreneur Theo Paphitis is no longer in the running to rescue the stricken stores. He said he was disappointed that he had not been able to reach a deal.
“My vision was that we could retain the Woolworths brand name through purchasing a large share of the existing retail business,” he said. “Unfortunately, the constituent parts of Woolworths are more valuable than the whole.”