Property tycoon Ardeshir Naghshineh the largest single shareholder in Woolworths, has called upon the company to look at other options before any serious consideration of a buyout from Hilco.
Hilco have allegedly made Woolworths a token offer of £1 for the business, as posted here last week.
Woolworths have over 800 retail outlets in the UK, but have recently posted a record half year loss of £90.8million. The company is believed to already have debt of £385million, making the Hilco offer as interesting as it gets under the circumstances.
Shares in the business have dropped by a staggering 92% over the last year and the shareholders may be kicking themselves for not accepting an offer of £50million in August last year by a group headed by the founder of Iceland frozen food chain, Malcolm Walker.
Without a deal being negotiated experts believe that Woolworths will be forced into administration.
Whatever the outcome analysts forecast in the best case scenario that the company will shed at least 20,000 jobs.
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