[originaltext] Woolworths is one of the best known names on the British High

Woolworths is one of the best known names on the British High Street. It’s been in business nearly a century. Many of its 800 stores are likely to close following the company’s decision to call in administrators after an attempt to sell the business for a token ￡1 failed.
    The company has huge debts. The immediate cause for the collapse has been Britain’s slide toward recession, which has cut into consumer spending. However, the business had been in trouble for years.
    Known for low-priced general goods, Woolworths has struggled in the face of competition from supermarkets expanding beyond groceries and a new generation of internet retailers.
    Many of the store group’s 25,000 employees are likely to lose their jobs. Some profitable areas such as the DVD publishing business will survive.
3. What do we learn about Woolworths from the news report?
4. What did Woolworths attempt to do recently?