Embattled high street giant Woolworths has been put up for sale for the token price of £1.

The struggling retailer is in talks with turnaround specialist Hilco about the possible sale of its entire high street business for the nominal sum.

Shares in the group were temporarily suspended from trading this morning.

However, buyers will be wary of taking on the group’s pension liabilities, which includes a deficit of around £100m.

The sale of the group’s retail business would leave Woolworths with its EUK distribution arm and DVD business 2entertain, which is part-owned by the BBC and was previously up for sale earlier this year.

Woolworths said in a statement: “The board can confirm that it is in preliminary discussions regarding a possible offer for the retail business. There can be no assurance that any offer will be forthcoming.”

Hilco previously hit the headlines in 2005 when it acquired stricken department store Alldays and subsequently pushed the group into administration.