Woolworths has appointed UBS to sell its stake in DVD publisher 2entertain.
UBS has been in talks with several trade and private equity bidders, according to The Daily Telegraph, as well as holding discussions with the BBC, 2entertain’s majority shareholder.
Analysts have valued Woolworths’ stake in the company at up to£200 million. However, it is believed that the Pensions Regulator will push for any proceeds from a sale to go towards tackling the retailer’s£60 million pension deficit.
Woolworths also plans to unveil£10 million of price cuts on thousands of products in a bid to compete with the supermarkets and appeal to customers feeling the strain from the credit crunch.
Next week, Woolworths will launch a multimillion-pound ad campaign, including a TV ad promoting its lower prices.
No comments yet