Last updated 11:27, Wednesday, 26 November 2008

When a century-old business hits the buffers, putting 30,000 jobs at risk, signs of the times couldn’t be written more clearly.

Woolworths, a business that has long been a fixture on the British high street – its name part of the national language – is in a state of collapse. For this once rock solid retailer, it’s all over bar the shouting.

Crisis talks over the remnants of Woolies were continuing today, as shares were suspended, But even those negotiations were being conducted without optimism. The company warned there could be no assurance of any sale being completed.

Any who doubted the severity of the recessional crisis now hitting this country need only look to the fate of Woolies and furniture company MFI, also reported to be in danger of going into administration.

Through lean years and in recent booming times of plenty, retail has been a pillar of the UK's economy, looked to as a mainstay of growth as manufacturing, heavy engineering and traditional skills were lost.

But from this, virtually unprecedented recessionary spiral, none can claim to be safe from pain. Britain isn’t bust yet but only business showing ability and determination to rise to enormous challenges with innovation, talent and focused hard graft can bank on emerging at some future point of recovery, stronger and fitter for the fight.