Wednesday, November 19, 2008

Chronicles Of Depression 2.0: #420: Woolworths

Woolworths poised to sell 800 stores to American company for just £1
Woolworths could sell its 800 high street stores for just £1 to a US company that specialises in takeovers of distressed businesses.

Just weeks after arriving as chief executive, Steve Johnson has opened talks with Hilco about a deal that would offload the shops and allow Woolworths to focus on its 2entertain and EUK media and distribution businesses.

Emphasis added by me.

There's a chart there for the stock value. I've been watching CNBC for almost the past hour. Chart after chart for company after company looks just like that one. Down down down.

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