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More than half of Woolworth’s stores in Germany are set to close in the next couple of months, according to the insolvency administrator of the bankrupt chain, whose products include books, stationery and DVDs.
Woolworths is owned by UK Argyll Partners and has 311 stores throughout Germany. According to media reports, a consortium led by restructuring and liquidation specialist Gordon Brothers is looking at around 130 small stores. Other retailers such as Tengelmann, Rossmann and DM have also been linked to some stores.