British Retailer Woolworth's May Be Employee Ownership Candidate

Woolworth's, the 30,000-employee retail chain in the United Kingdom, is facing severe financial difficulty and is now in the British equivalent of Chapter 11. Property magnate Ardeshir Naghshineh, who owns 10% of the retailer, wants to buy the company and turn it into an employee-owned business along the lines of the iconic retailer, the John Lewis Partnership, one of the country's largest retailers.