Report: Woolworths talks at critical stage

Efforts to rescue the stores arm of Woolworths in the UK are close to collapse after the retailer’s lenders refused to sign up to a deal, it was reported today.

Talks involving a syndicate of lenders were said to have gone on into the night after the retailer confirmed on Wednesday it was in talks over a possible offer, fuelling speculation its 800-store retail chain could be sold to Hilco, the restructuring specialist, for a nominal £1 (€1.18).