by Calculated Risk on 12/10/2008 03:10:00 PM

From The Times: Woolworths to hold huge closing down sale tomorrow after search for buyer fails

Woolworths will hold a closing down sale tomorrow after administrators failed to find a buyer for the company's 813-store retail chain.
...
The administrator made the announcement after informing Woolworths' staff. The closure of the stores makes mass redundancies likely. The group employs 30,000 people, approximately 25,000 of whom work in the retail arm.

Earlier reports had Woolies possibly closing down after Christmas. I'm not sure "redundancies" - the British term for layoffs - fits when the chain is closing down completely.