UK retailer Woolworths has gone into administration. The retailer – which sells game software, hardware and electronic devices as part of its wide portfolio of goods – provides 30,000 jobs in its 815 stores across the UK.

“The boards of Woolworths plc and Entertainment UK Ltd have concluded that there is no longer any prospect of those businesses being able to operate as a going concern. Accordingly, the boards of both companies last night resolved to file petitions for administration in the High Court,” said a company statement.

The company’s stores are to remain open for now, according to the BBC, and auditing firm Deloitte has been appointed as administrators to the chain.  Deloitte have begun work on trying to rescue the retail business and is now searching for a suitable buyer, of which it reports to have already received interest.

"In the last 24 hours, we have received expressions of interest from a number of parties for both the retail and wholesale businesses," Dan Butters, who works for the administrator, told the BBC.

Woolworths – one of the UK’s oldest store groups – has performed poorly as a retailer in recent years, building up a debt of £385m. The extent of its financial troubles was made more apparent in recent months when the company was forced to pay via cash when buying stock from suppliers, as trade credit insurers ceased insuring the deals.

As a last ditch effort the firm tried to sell itself for £1 to restructuring firm Hilco, who would have taken on the firm"s debt had the deal not fallen through. Woolworths’ inadequate financial performance was also a reason why the UK Government decided against intervening to rescue it. "Government policy is not to prop up lame ducks," said BBC business editor Robert Peston.

Peston also warns that Woolworths will not be the last casualty of the current financial disorder. Very recently, DSG International, owner of electronic retail giants Currys and PC World, posted a loss of £29.8m for the first fiscal half.

Woolworths will remain open over Christmas, Deloitte said.

Image provided by Woolworths.