Banks call in advisers for Woolworths talks

Key lenders to Woolworths are to be advised by corporate restructuring firm Deloitte as the company prepares its business plan for the new financial year, which is due to be delivered by December.

Deloitte held talks last week with Woolworths and KPMG, which is already advising the children's and celebrations retailer.

New chief executive Steve Johnson said that Woolworths will reveal a new business strategy after Christmas. Some City analysts are expressing doubts, however, about its ability to continue trading until then. Credit insurance has been withdrawn to some of the retailer's suppliers and as the market opened this morning, shares were trading down at 3.71p.

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