Woolworths goes into administration

High street icon Woolworths is likely to go into administration within hours, according to a report.

The retailer suspended its shares on the London Stock Exchange this morning as it held talks with buyers in an attempt to rescue the company.

However, the BBC has reported Woolworths has now gone into administration with the loss of thousands of jobs.

The report named Deloitte as administrators and said the board will meet at 18:00 GMT tonight to take the formal decision.

A spokesperson for Woolworths was unable to comment on the report.

Woolworths, which has 815 stores, struggled to find a buyer for the business as it has debts of £385 million and a huge pension deficit.

Woolworths has been a familiar feature of the British high street since 1909.