Q&A: Is Woolworths worth saving?
Question by The Answer: Is Woolworths worth saving?
As most of us will be aware the good old Woolworths is on it's way out. Seems a bit sad really as it has laways had the same spot on our high street for as long as i've been about ( 30 years ), many happy memories of being in amongst the wonder that was Woolworths as a kid, the shop that once seemed to have everything.
Anyway, it employs a massive 25000 people which contributes a hell of a lot to our economy in terms of Tax, Ni etc so should we just allow it to go to the wall. The government has very willingly pumped hundreds of billions of our cash into banks lately to prop them up due to the negligent mis management of the hierarchy within them, Obviously I realise that it's not just about saving banking jobs ( Bonuses though?? ) but should the government not just step in, perhaps with a bridging loan of sorts to help keep the business alive, not just for my memories but for the 25000 people about to lose their jobs? if you think about the sums, for losses here it is a hell of a lot of cash to be losing, think about it like this
25000 people on average £300 per week paying tax at 22% ( I'm not even sure what the personal allowance is ) = Roughly £44 each per week in tax which equates to a loss of £1.1 million each week in income tax then there's Ni contributions and all taxes, fees etc from business as a whole. On top of that, the way the climate is today 80% will end up claiming benefits at £50.50 per week ( Roughly ) 20000 x £50.50 = £1million and 10k pounds each week in benefits giving an overall loss of over 2 million pounds a week, would it no be worth saving???
Best answer:
Answer by Dex
The last time I went in my local Woolworths I couldnt wait to leave. The aisles are far too small and the stuff they sell is mostly junk that you can find either cheaper or better elsewhere… which is prob why theyre closing
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Tags: Woolworths, personal allowance, happy memories, Last time, negligent mis management, Income taxFiled under 25000 Personal Loan by 
Comments on Q&A: Is Woolworths worth saving?
It did just sell crap though…
It doesnt sell any decent things, plus im a bit annoyed, they are supposed to be having a big sale, i can get stuff cheaper anywhere else i look!
If Woolworths was so good why didn't enough people shop there to maintain it as a viable business?
There are still other places to go if you want to buy cheap tat.
The brand is only is as good as the people managing it! If it is poor quality management, let it die!
I'll tell you why people didn't shop there much. Because it sold non-durable goods which were cheaper in local shops. The kids selection was great but with the recession looming I doubt any parent would have enough disposable income to buy toys (as well as electronics).
I think the government should have kept Woolworth's running by writing of their debts. But then instead of doing what the US FR are doing by simply bailing out major players in the country they should get money from other businesses. For example if Argos was to pay Woolworth's X amount. They should get a stake in the company but as well as that they could, with government permission take over X amount of assets if Woolworth's fail to keep up with the tied agreement. I think if other major corporations contribute over just government intervention it would really keep the economy running. Obviously the amount each corporation has to pay would be weighed with the profits it makes. + This will prevent business failure and put confidence back into the market. The idea would allow risky investments to take place and allow spending to resume at the same time.
This would probably cause a more positive effect to society. 25,000 jobs is a major price to pay for the country. Losing one of the greatest retailers on the high streets is a major cost to society.
Simply….No.
Your suggestion of the government stepping in with a loan to bail out Woolworths would probably be the worst thing that could happen. Can we say socialism? A mixed socialist and free market state can't exist. What about the next retailer, and the next etc? Do we carry on bailing out mismanaged companies? The banks (and I have to declare myself as an interested party here)…were only bailed out as the lynch-pin to a national economic recovery. You can't have no banking system.
The government can't properly run what it has today (point to a well run nationalised industry) …it knows nothing about successful retailing (nor should it) …nor does Woolworths management it seems….and you only give loans to those with successful business models…Woolies just ain't got one now. If no-one else wants to buy it – then it's not a going concern – and should go to the wall.
Of course the government could try to sweeten a deal somewhat….and do this as a matter or policy (not just for Woolworths). Maybe direct partially government owned creditors to ease Woolies debt problems…or promise other support to those helping them out.
Of course our real sympathise should be with those staff who have their jobs threatened. Good luck to them all.
Last time I made a demo, it was literally a demo tape. Where do you even begin?!
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