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Although all 815 stores will stay open for the time being, around 30,000 jobs are at risk after the retailer's £385 million debt took its final toll on the company's financial health.
Dan Butters, an employee for the administrators Deloitte, said buyers were being sought for all parts of the business.
"In the last 24 hours, we have received expressions of interest from a number of parties for both the retail and wholesale businesses," he commented.
In addition to its stores, Woolworths has four distribution centres around the UK. It's DVD supplier Entertainment UK also employs around 5,000.
Recently, Woolworths has suffered from cash flow problems, which were compounded by the credit crunch which has seen suppliers demanding up-front payment for goods.
