Woolworths caused a surprise today by ending chief executive Trevor Bish-Jones’ six-year run in one of the high street’s toughest jobs.

Woolworths vowed to rescue sales in time for Christmas today after the struggling high street chain plunged deeper into the red.

Woolworths is to begin supplying Sainsbury’s with entertainment products after a £20m (€29.6m) acquisition offset the loss of a wholesale contract with Tesco.

Toys-to-sweets retailer Woolworths today said tough conditions on the UK high street had continued to take their toll on the business.

The boss of Woolworths was today reported to have been sounded out about the possibility of leading a management buyout of the high street retailer.