THE VENERABLE WOOLWORTH’S NAME IS ABOUT TO melt away for good. The original discount retail chain still that still operates 800+ stores in UK entered into bankruptcy today.
The troubled retailer is over $500 million in debt and its employee pension has a deficit of more than $110 million.
Since its parent company’s demise in the U. S. in 1997, many Americans were not aware that the British company, Woolworth Group, that had spun off independently in 1982, was still operating.
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A British Woolworths store photographed
earlier this year.
Frank W. Woolworth started his chain in Lancaster, Pennsylvania, when he opened his first store in 1879. His rapid success led to the building of his famous headquarters in New York City. When the Woolworth Building was completed in 1913 it was the tallest building in the world. Woolworth paid for its construction in cash. The British branch of the chain began in Liverpool in 1909.
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The old dime store
In the 1960′s many of the Five and Dimes, as they were called by their customers, were converted into larger discount stores named Woolco. But after buying out many specialty shoe and clothing chains, and a major change in shopping habits by Americans, the company closed its last department store in 1997 and converted its name to its primary earner, Foot Locker.
Reuters has a good story on today’s actions HERE.
BBC News has MORE.
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