And although I have heard this news for the past few weeks, I could not help but to attach here an article from BBC of the soon to be defunct Woolworth:
More than 200 Woolworths stores across the UK are about to close their doors, signalling the chain's final days on the High Street after 99 years.
Barring any last-minute rescue, the remaining 600 stores will follow suit by 5 January and 27,000 permanent and temporary staff will lose their jobs.
Branches in Prestwick, Liverpool, Llandudno and Gateshead's Metrocentre were those due to shot on Saturday.
The chain called in administrators last month amid mounting debts of £385m.
The rest of the branch closures will be staggered, with another 200 stores shutting on 30 December, 200 on 2 January and the remaining ones on January 5.
Shop windows are displaying a countdown showing how many days are left before stores close.
In the meantime, shoppers are snapping up the last of the bargains from the closing down sales.
The shelves at the chain's Ipswich branch were virtually cleared as the store opened for its final day.
Teresa Stewart, 38, from Stowmarket, Suffolk, left with a box full of discounted stock.
"I've got so much stuff - there are so many bargains.
"I've got some school clothes for my children and various other bits and pieces. It's sad to see Woolworths go," she said.
The situation was the same at the branch in Chorlton, Manchester as goods were sold for up to 90% of the normal retail price.
One member of staff, who did not want to be named, said: "We started trading this morning at 70% off everything, then in the afternoon it went to 80% and now it is 90%.
"We have been told the more we get in the till the better it reduces the risk of us not being paid."
They said they would be open until 1730 GMT but if shoppers cleared out the shelves, they would close early.
At some stores fixtures and staff lockers were even put up for sale.
At the Notting Hill branch in west London, small posters advertised sections of staff lockers for £30 each, while a "very large safe" cost £300.
People could even take home the metal shopping baskets they were filling up with goods for an extra £1.
Shopper Debbie Anderson, 49, stocked up on pens, envelopes and a shower curtain.
She said she was planning to lay flowers to mark the branch's demise.
Staff will be entitled to compensation under the statutory redundancy payment scheme and will be retained for a few days following store closures.
Staff at this store in New Malden, London said goodbye to customers
However, it is expected some stores in prime High Street locations will be reopened by other retailers who have expressed an interest in buying their leases, which could offer job opportunities to redundant Woolworths staff.
Last week Woolworths' administrators Deloitte said there was still interest in parts of the business but added it had "not come close" to finding a buyer for the firm.
However, it said a range of food, clothes and "value retailers" had made offers to take over the leases at about 300 stores.
Efforts would be made to put Woolworths staff who were losing their jobs in contact with these potential employers, Deloitte said.
The first round of Woolworths closures comes nearly 100 years after American F W Woolworth opened his first UK store in Liverpool.
Woolworths ran into trouble this year after struggling under the weight of its debt.
Its problems were compounded when it was forced to pay cash while buying goods from suppliers because trade credit insurers were no longer prepared to cover its suppliers.
The chain is the most high-profile UK High Street casualty of the economic downturn so far.
A number of other retailers have hit trouble in recent weeks, with the most recent being music and games chain Zavvi, which collapsed into administration on Christmas Eve, and the fear is that more could follow in 2009.
Earlier this week, official figures confirmed the UK economy is sliding towards recession faster than was first thought.
Revised data showed a 0.6% decrease in output between July and September - the worst since 1990 and bigger than the 0.5% fall first estimated by the Office for National Statistics (ONS).
And on Friday, the Centre for Economics and Business Research (CEBR) - an independent group of economists - predicted the economy would shrink by 2.9% in 2009 - more than at any time since 1946.
Adios, Woolies, you will be missed. You are now officially a history...