Administrators to collapsed UK retailer Woolworths will on Saturday close 207 shops in the first phase of store closures after hopes of a sale of the business as a going concern evaporated earlier this month.

All 807 shops are to close by January 5. More than 300 stores are to be sold to other retailers, with administrators reporting interest in the remaining 500. Iceland, the frozen food retailer, has bought 51 stores for £60m.