Woolworths is one of the best known names on the British High Street. It's been in business nearly a century 世纪.

Many of its 800 stores are likely to close following the company's decision to call in administrators 接管者 after an attempt to sell the business for a token 象征性的 £1 failed.

The company has huge debts 债务. The trigger 导火索 for the collapse has been Britain's slide towards recession 经济萧条, which has cut into consumer spending 消费者消费.

However, the business had been in trouble for years.

Known for low-priced general merchandise, Woolworths has struggled 挣扎 in face of competition 竞争 from supermarkets expanding beyond groceries and a new generation of internet retailers 网络零售商.

Many of the store group's 25,000 employees are likely to lose their jobs. Some profitable 可盈利的，可赚钱的 areas such as the DVD publishing business will survive.