Now you remember Woolworths? I do! Its the store my UK friends and I rush to for cheap bargains of furniture here in the UK, a store we expect to see in city centres across this country. With 840 stores across the UK, it was only natural.
But today, Woolworths is looking to sell its stores. All 840 at a discount of £1; and to think I used to be looking for £1 bargains in the store for a single item. Ok, I'm putting this out of context; you'll have to take on some of its £385m debt as well.
And yes, open and free markets, the stock market, the pride and joy of capitalism. Woolworths, a listed company on the stock market here, has the value of the company determined by value of each of its share on the stock market. And this share price is determined by the free interaction of demand and supply on this stock market. And this interaction has allowed Woolsworth equity value free-fall 90% in the last year. 90%!
Well, this can only happen in capitalism. Well, I'm not suggesting any alternative system being better; I'm merely stating the current state of affairs possible under the banner of this system we venerate.
Click here for the relevant article.
Uncle T
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