The 2008 financial crisis has been a terribly far-reaching one throughout the entire industry. While many thought the collapse of banks was partly their own fault, the reality and effects of the crisis are painfully sinking in when Britain’s most loved retailer, Woolworths, closed its doors for the last time after over 100 years of business.
Although it was never known as an upmarket store, I have fond memories of Woolworths or “Woolies” as its affectionately known and it is very sad to see this iconic brand eventually succumb to the global financial crisis.
Read more about Woolworth’s last customers below.
In its final moments, this grand ol’ dame of British suffered the indignity of having its stores cleaned out by shoppers taking advantage of their closing down sales.
More than half the aisles were bare, but that was no matter: the shop fittings themselves were for sale, at £20 for a metal panel and £10 for shelf unit.
Shoppers barged between the shelves, tossing aside unwanted DVDs and knocking displays onto the floor before queuing patiently to pay at the till points for up to 20 minutes. It was like a very British version of looting. (source)
Saddled with debts of over £385 million, over 27,000 people are expected to lose their jobs in an already distressed economy (source).
Will there be more of these bad news to come as we herald in an uncertain new year? We certainly hope not.
Farewell Woolies.
December 30th, 2008 at 3:19 pm
Used to browse around their aisles many years back. Funny thing though…I don’t think I bought anything from them even then.
December 30th, 2008 at 4:34 pm
Hehe..it was probably still too expensive for us with the high exchange rates!
But its really sad to see Woolies go
Its like a part of history gone!
April 7th, 2009 at 10:51 am
[...] twist, the sales of luxury goods have recorded increases everywhere while discount stores such as Woolworths have been forced to close. The demand for luxury goods appear to be almost unaffected and if anything, is benefitting from [...]