Woolworths Faces Bankruptcy 老牌零售商濒临倒闭

Woolworths is one of the best known names on the British High Street. It's been in business nearly a century 世纪.

Many of its 800 stores are likely to close following the company's decision to call in administrators¹ 接管者 after an attempt to sell the business for a token 象征性的 £1 failed.

The company has huge debts 债务. The trigger 导火索 for the collapse² has been Britain's slide towards recession 经济萧条, which has cut into consumer spending 消费者消费.

However, the business had been in trouble for years.

Known for low-priced general merchandise, Woolworths has struggled 挣扎 in face of competition 竞争 from supermarkets expanding beyond groceries and a new generation of internet retailers³ 网络零售商.

Many of the store group's 25,000 employees are likely to lose their jobs. Some profitable 可盈利的，可赚钱的 areas such as the DVD publishing business will survive.