Woolworths Launches 50% Price Cuts

Edge writes: "Fears that Woolworth's recent plunge into administration would create a spontaneous price war has come to fruition, as the troubled UK retail outlet will today begin slashing all its stock prices by up to 50 percent.

Last week the retail chain fell into administration following prolonged poor financial performance in the face of global economic difficulty. At that time numerous commentators feared that the retailer's competition would ultimately suffer from this, as Woolworths' administrators attempt to boost turnover with less of a focus on strategic pricing and more of an emphasis on removing stock and boosting turnover before the store gets acquired by another company. "

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