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Context of 'November 26, 2008: British Retailer Woolworths Goes into Administration'

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Secretary of Interior Gale Norton resigns. In her resignation letter to President Bush she thanks him and praises him for “great work in the face of hurricanes, record-setting wildfires and droughts, acrimonious litigation, and expanded post 9/11 security responsibilities.” (CNN 3/10/2006) Norton, who has been criticized by environmental groups for opening public lands up to timber (see December 11, 2002), mining, and oil and gas interests (see April 11, 2003, October 8, 2003, and January 21, 2004), will be hired as a key legal advisor for Royal Dutch Shell PLC in December. (Wilkinson 12/27/2006)

Deloitte publishes its Football Money League rankings for the 2005-6 season. The rankings of the top 20 European clubs and their football earnings are:
(1) Real Madrid (€292.1m)
(2) Barcelona (€259.1m)
(3) Juventus (€251.2m)
(4) Manchester United (€242.6m)
(5) AC Milan (€238.7m)
(6) Chelsea (€221.0m)
(7) Internazionale (€206.6m)
(8) Bayern Munich (€204.7m)
(9) Arsenal (€192.4m)
(10) Liverpool (€176.0m)
(11) Lyon (€127.7m)
(12) Roma (€127.0m)
(13) Newcastle United (€124.3m)
(14) Schalke (€122.9m)
(15) Tottenham Hotspur (€107.2m)
(16) Hamburg (€101.8m)
(17) Manchester City (€89.4m)
(18) Rangers (€88.5m)
(19) West Ham United (€86.9m)
(20) Benfica (€85.1m) (Deloitte 2/2007 pdf file)

The British retail chain Woolworths goes into administration with debts of £385m (about $580m). The administration was brought on by a cash crisis and a loss of backing by financial institutions that had lent it money, in particular Burdale and GMAC. It is the largest casualty of the global economic crisis in Britain so far, and its failure jeopardizes 30,000 jobs across the country. The British government had intervened to save the company, but only by encouraging last-minute talks between it and the lenders, which failed. No financial support from the taxpayer was offered. The administrator, the auditor Deloitte, appoints Hilco, a company specializing in reconstruction, to run the business. Hilco had been attempting to buy Woolworths before it went into administration. Deloitte says that stores will remain open during the Christmas period, and that it will attempt to find a new owner that can satisfy the company’s lenders. (Braithwaite, Rigby, and Eaglesham 11/26/2008)


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