According to reports the administrator hopes to find a buyer to bail out the beleaguered store by the end of the week - but 15,000 staff could still face the sack.
Administrator Deloitte, has had talks with potential buyers and former Tottenham Hotspur vice-chairman David Bulcher is a leading candidate.
He is thought to be preparing a bid of between £80-£100 million although his rescue package may still lead to almost half of Woolworths' employees losing their jobs.
Bulcher's plan would keep 350-400 of Woolies' 815 stores and keep the name on the high street, saving about 15,000 jobs.
Meanwhile, the store took over £27million, a one-day record, in the first 24 hours of its sale offering up to 50 per cent off some of goods and trade stayed busy over the weekend.