Woolworth’s has been the subject of several reports of liquidation over the past few weeks.
The company has reported a loss of $1.5 billion for the year ending June 30, 2017.
Its CEO has been forced to leave the company amid allegations of misconduct by its top managers.
It was previously reported that it has been losing $300 million per quarter.
Woolworths shares fell more than 1 per cent on the news. AAP/ABC