Woolworths Group, the parent company of Woolworths and DVD business 2Entertain, has followed the collapsed retailer into administration.
The group said yesterday that discussions were ongoing about a possible sale of 2Entertain to venture partner BBC Worldwide but the company was no longer able to continue paying its debts.
The news comes after the last surviving stores in the Woolworths retail chain closed their doors for the final time earlier this month. The collapse of the iconic high street brand has resulted in the loss of 27,000 jobs.
“The directors will continue their negotiations with BBC Worldwide [over the sale of 2Entertain] and to take all steps appropriate in the interests of its creditors as a whole,” the company said in a statement.