Paphitis is a dab hand at reviving troubled brands. He reversed the fortunes of La Senza and the stationary chain Rymans. But the Woolworths job is just too big for the Dragon.
"Unfortunately, the constituent parts of Woolworths are more valuable than the whole," he said in a statement. "The administrators have a difficult job to do and I appreciate that they need to get the highest cash value for the business.
"I hope that an alternative proposal succeeds in securing the future for the many Woolworths employees involved," he added.
Paphitis was among a number of bidders hoping to save the 100-year old brand. Woolworths’ largest shareholder, Ardeshir Naghshineh, has also been preparing a bid, while retail giants Tesco, Sainsbury’s, Asda, the Co-op and discount chain Poundland have been sniffing around Woolworths’ prime retail spaces on the high street.
The future of the firm remains uncertain as Woolworths’ operations go into administration. There are 30,000 jobs at risk.
Related articlesTheo to save Woolworths?Growing Business Awards: Young Entrepreneur“Should we take our clothes off?” Peter Jones spoons Theo Paphitis
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
