An icon of the British high street is now in receivership and 30,000 jobs are at risk!

Woolworths was first established in 1909 and with first half year losses running to just over £90 million and debts of some £386 million the company had to be put into receivership last week. The Prime Minister, Gordon Brown, is working with the receivers to ensure that Woolworths stores remain open over the Christmas period, which is the period where the company has said that it makes around 90% of its sales.

So if you fancy buying a company for just £1 then you can, but you will have to take on the huge debt mountain and 30,000 employees!