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London - Administrator Deloitte says Woolworths will launch a closing-down sale on Thursday.
Deloitte, which was appointed to run Woolworths PLC last month after the retailer announced it was insolvent, says it had yet to find a buyer for the troubled retailer but still hoped to keep the company together.
Administration is similar to bankruptcy: administrators are appointed to salvage as much of the company as possible for the benefit of its creditors - a process that can involve trying to keep the business as a going concern or breaking it up and selling it off.
Deloitte reorganisation specialist Neville Kahn said Wednesday that he wanted Woolworths to clear as much of its stock as possible before Christmas and that stores would soon close if a buyer wasn't found.
- Sapa-AP