Bye bye Woolies?

It's looking increasing unlikely that a buyer will be found for Woolworths, as reports begin to emerge that all of the retailers UK stores will be closed by the middle of January.

It looks like the majority of the 31,000 staff will be looking for work by the 4th of January, although administrators Delloite are refusing to confirm or deny these reports.

With high street stalwarts such as Woolies, MFI and Zavvi (formerly Virgin) collapsing, it looks unlikely that brisk Christmas trading will be enough to heal the beleaguered retail sector.

Their demise is obviously being linked to the credit crunch, but is it solely to blame or is it just a form of euthanasia for out-dated business models?