The 100 Year Chain Retailers In Britain Are On The Verge Of Bankruptcy.

The real economy has finally surrendered its hands under the erosion of the financial crisis. Internationally known large companies either lay off or apply for bankruptcy. Any company's layoffs will lead to thousands of people losing their jobs.

Woolworths, a big British chain retailer, said on Thursday that it was about to go bankrupt. The company has appointed an independent executive to try to save business and its 25000 employees.

This company, which has a history of 100 years, has appointed Financial Services Company in Detroit as a takeover.

Woolworths, the parent company of Woolworths, says its suppliers of supermarkets and entertainment companies have also been taken over.

Woolworths and the entertainment company have submitted applications to the court.

In addition, MFI, the furniture chain store with more than 100 stores, also invited the takeover on Wednesday.

Woolworths and MFI have been struggling for many years in the fierce competition, and the recession finally sent the two companies to "coffins".

Meanwhile, ArcelorMittal, the world's largest steelmaker, said Thursday that the company could cut 9000 employees worldwide.

In a statement, the company said that the target of the layoffs was sales and administrative staff who did not participate in the manufacture of steel, and the number of layoffs could reach 3% of its global staff.

The company hopes that the layoff plan will reduce the cost of $1 billion to cope with the current bad economic situation.

According to the union representative of the company, Europe will cut 6000 people in the 9000 layoffs.