Robert Peston gets it about right in his blog on the demise of Woolworths. I suspect bits of it will find a buyer - the news and magazine distribution business could be bought by someone like Menzies, who gave up their high street presence some time ago to diversify into distribution and airport services.
Still - seems like yesterday that I was despatched with £5 to Woolies in Dunfermline to do my Christmas shopping. Santa used to stand outside the shop intimidating parents into parting with 50p to have their children photographed with him. Child protection laws would prevent that kind of thing now - ah, the smell of nostalgia.
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