As the dust settles after the dramatic events of this week, the big talking point is what pushed Woolies under, and whether it could - and should - have been saved.

Woolworths decline has been a long, slow one, but - as is increasingly the case with retailers in intensive care - the willingness of the trade insurers to pull cover appears to have triggered the crisis.

Here Woolies was in a particularly difficult position due to its unique structure, because the insurers will have judged the risk presented by supply arm EUK on the financial status of the whole group, despite EUK having had a more secure footing.

Even so, the business still could have been saved this week. Hilco's offer to buy the business for£1 could have staved off administration and allowed an orderly restructuring. But despite the intervention of the government, lenders Burdale and GMAC - both of which have their own problems to deal with - were not prepared to wait.

But even if a rescue had taken place, the question remains of whether it would have been the right thing to do? Politically Woolworths went at the worst time imaginable, putting up to 25,000 people out of work and delivering another big dent to consumer confidence.

Sadly though, what happenned this week was inevitable, and if it hadn't happenned now, it would have done in the future. The stores will be picked up by better retailers, retailers which have moved with the times and are relevant for the 21st century. Sadly that can't be said of Woolworths.

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