Woolworths begins closing the doors on more than 200 outlets

SHOP closures at iconic high street retailer, Woolworths began at the weekend, with more than 200 outlets across Britain and Northern Ireland being affected.

The retailer, which was due to celebrate its 100th year in operation in 2009, went into administration last month with debts of nearly £400 million (€420m). In truth, the company has been in trouble — with mounting debts, falling sales and losses — since the tail-end of 2006. Administrators recently warned that shops would close if no buyer for the company was found.

Theo Paphitis — a former owner of the Ryman’s chain of stationery shops, ex-director of Millwall Football Club and current panel member on the BBC entrepreneurial fundraising programme, Dragon’s Den — had been linked with a takeover consortium but pulled out of the running.