For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
W Shakespeare - Polonius in “Hamlet”
Talks are continuing between troubled retailer Woolworths and its two main banks in an attempt to establish if it is possible to save the iconic chain. Woolworths has a share price of 1.43p and is at risk of going into administration. The F. W. Woolworth Company (often referred to as Woolworth's) was a retail company that was one of the original American five-and-dime stores.
The first Woolworth's store was founded, with a loan of $300, in 1878 by Frank Winfield Woolworth. It now has debts of £385m. That's nearly as much as I owe on my Barclaycard and shows the folly of borrowing money in the first place!
(P.S. Ironically I drafted this a couple of hours before our dear Chancellor of the Exchequer gave us a speech as a result of which our national debt will be increased - effectively doubling in a mere five years a debt that has taken centuries to build.)
Trading in Woolworth's shares was suspended on 26th November and Woolies went into administration.
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