Woolworths to open despite jobs woe

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But tens of thousands of jobs will be at risk after the historic firm became the highest profile victim of the credit crunch and a looming recession.

At a board meeting on Wednesday night it was agreed that the ailing firm's retail division and distribution arm Entertainment UK would both go into administration.

It is understood the company, which has been in business for almost a century, hopes to trade as normally as possible in the coming weeks and months under the control of incoming administrator Deloitte.

Woolworths Group itself will not go into administration as its Bertram Books and 2 Entertain businesses are self-funding.

The developments have put tens of thousands of jobs under threat, although the salaries of the company's 30,000 staff are guaranteed for Friday.

John Gorle, national officer of the shopworkers' union Usdaw, said the news was "devastating" for employees.

He said: "We will be seeking urgent talks with the administrators to ensure that our members' future is at the top of their agenda and to understand the proposals for the businesses in the short to medium term."

Meanwhile, the owner of Currys and PC World continued a grim week for the high street's biggest names after plunging almost £30 million into the red.

DSG International posted underlying losses of £29.8 million in the 24 weeks to October 18 - compared with a £52.4 million profit the previous year. The firm warned of a "tough and volatile" retail climate as like-for-like sales across the group fell 7% over the period.