SO it looks like Woolies, or part of Woolies, might be saved following its collapse into administration yesterday.
Deloitte, whose appointment was confirmed today, has apparently received interest from "a number of parties" for both the retail arm and Woolies' wholesaling operation in the past 24 hours.
In the meantime, the 815 branches will stay open for busi
ness.
Basket case or high street icon, it's difficult not to feel saddened by the downfall of Woolworths.
Most of us harbour fond memories of the century-old chain. For many it was the first "big" store we entered, even if it was only to nick the odd sweetie or two (so I've been told).
In smaller main streets up and down the land, Woolies remains the biggest shop in town.
Indeed, in several Scottish high streets – St Andrews and North Berwick are two that spring to mind from recent visits – the group has a virtual monopoly when it comes to CDs and DVDs.
If it was ever possible to be sentimental about a retailer, surely Woolies fits the bill.
So whither now for the group, its hundreds of stores and 30,000 staff?
News that the newly-appointed administrators are looking for a "suitable buyer for all parts of the business" will come as some relief.
Deloitte's "reorganisation services" partner Dan Butters says the accountancy firm will work hard "to ensure that any sale of the business, in whole or part, will preserve jobs".
Hilco, the restructuring specialist which failed in its bid to buy Woolies' stores for the princely sum of £1, has been appointed by Deloitte as an agent to help manage the retail arm.
Given the trouble Woolworths was in before we all stopped spending as a result of the credit crunch, one suspects any white knight will perform a pic'n'mix of its own.
There will no doubt be highly profitable outposts within the empire. However, a trade rescue could see those stores subsumed within a much bigger retail machine, banishing that famous red and white branding from the high street.
In the meantime, the gloomy news from the retail sector just keeps on rolling in.
This morning it was the turn of Currys and PC World owner DSG to warn of a "tough and volatile" retail climate as like-for-like sales took a dive and the group tumbled almost £30 million into the red.
Separately, Kingfisher, Europe's biggest home improvement retailer and owner of the B&Q business (and one-time owner of Woolworths, incidentally), said trading was set to get tougher.
There is no suggestion that either company is in the same perilous state as Woolies, but it's a further sign, if one was needed, that the Christmas selling season is likely to be far from festive for many big names.
Scott Reid is The Scotsman's Deputy Business Editor You can read more of his blogs on the scotsman.com Business Club.
Click here to find out more.
