Retail giant Woolworths scurries to avoid collapse

SHARES were suspended at the British retailer Woolworths yesterday as the century-old company frantically moved to avoid a collapse.

Negotiations on the future of Woolworths continued, with Bank of Ireland’s British subsidiary, Burdale, thought to be considering options to prevent the retailer from going into administration.

Burdale, with GMAC Commercial Finance, is believed to have lent Woolworths £385 million (€451.4m) in January.