Breaking news on BBC. Woolths applied for admin.
No, I would not buy food from BHS. I don't think they even sell mainstream food. But then again I woudn't buy it from M&S either.
http://news.bbc.co.uk/1/hi/business/7751064.stm
Woolworths enters administration.
High Street legend Woolworths with its 815 stores across the UK has gone into administration, BBC business editor Robert Peston has learned.
The move will put tens of thousands of jobs under threat.
The company's board will meet at 1800 UK time to take the formal decision.
Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies books and DVDs to supermarket groups.
However Woolworths joint venture with the BBC, 2 Entertain, will not go into administration. It is owned by Woolworths' parent company, which will not go into administration.
The collapse of Woolworth is likely to lead to the closure of hundreds of stores across the UK.
And it is also likely to lead to many thousands of redundancies.
Woolworth has 815 stores. The store chain employs 25,000 and Entertainment UK employs 5,000.
The company has struggled under the weight of 385m of debt. Its problems were compounded over the past couple of months when it was forced to pay cash when buying goods from suppliers, because trade credit insurers were no longer prepared to insure supplies to Woolworths.
The company had tried all day to find buyers for its business.