Fears that Woolworth’s recent plunge into administration would create a spontaneous price war has come to fruition, as the troubled UK retail outlet will today begin slashing all its stock prices by up to 50 percent.

Last week the retail chain fell into administration following prolonged poor financial performance in the face of global economic difficulty. At that time numerous commentators feared that the retailer’s competition would ultimately suffer from this, as Woolworths’ administrators attempt to boost turnover with less of a focus on strategic pricing and more of an emphasis on removing stock and boosting turnover before the store gets acquired by another company. 

Woolworths’ administration group Deloitte has now revealed that it will be making dramatic (even unprofitable) cuts in its stock as of today, leaving the competition with the dilemma of either cutting their own costs or loosing business. Both actions seem unhealthy for retailers as the most crucial period of such a trying year is upon them.

“We anticipate increased footfall in the stores and have hired additional staff to cope with increased demand. Additional goods have been moved to all stores and further stock will be added in the coming days,” Deloitte told MCV in a written statement. “There is continuing interest in the core Woolworths business and the Sale will continue whilst potential buyers finalise their plans for the purchase of the business.”