Bargain hunters descended on Woolworths stores across the isle today (Thursday) as a closing down sale got under way at the struggling retailer.

Administrators for the company, which has branches in Margate, Cliftonville, Broadstairs and Ramsgate, have so far failed to find a buyer for the ailing business.

The high street favourite, which last month revealed a £385 million debt, has already reduced prices on toys and gifts by up to 50 per cent in an effort to generate cash for creditors.

Today, Christmas shoppers jostled for position in crowded aisles to take advantage of further price cuts.

It is not clear how many jobs are at risk at Woolies' operations in Thanet but the retailer employs 30,000 people around the UK.

Usdaw, the shopworkers’ union, described the news as "disappointing" and insisted the Woolworths brand was worth saving.

John Gorle, national officer for Usdaw, said: “We've been working hard to ensure that our members’ best interests are central to any negotiations and will continue to do so.

“We're seeking urgent talks with the administrators and will continue to do everything we can to ensure that our members are dealt with fairly throughout this devastating time.”