Administrators began closing the stores of Woolworths - one of Britain's best known retailers - on Saturday. The household name, which sold everything from chocolate bars to toasters and televisions, is the highest profile retail casualty of the global financial crisis and Britain's economic downturn.
Woolworths collapsed into administration in November and its administrators said earlier this month all its stores would close by January 5, with the loss of 27,000 jobs, unless a last-minute buyer could be found. Several high profile British retailers, including Zavvi, Whittard, and The Officer's Club, have been forced into administration in the lead-up to Christmas.
Shoppers flocked to British stores on Friday to make the most of record discounts as retailers tried to make up for dismal trading. However, the buying flurry is unlikely to stave off a sharp recession. On Friday, the Centre for Economics and Business Research, an independent group of economists, predicted the economy would shrink by 2.9 percent in 2009 - more than at any time since 1946.