The Wonder of Woolies

Older readers will remember the slogan with which Woolworths used to market itself. The company is a useful case study in corporate decline having lost around 90% of its value over the last five years. Today we hear that lenders have appointed there own accountants to look at the company's plans and budgets. Normally such an announcement would cause a huge drop in share price, but in a turbulent market it seems to be just one more bit of glum news.