Woolworths said in a statement that it was in discussions over the potential sale of its 840 stores.
The firm said it was also in talks over the sale of its 40% stake in 2 Entertain, the publishing joint venture with BBC Worldwide.
It warned that both deals needed the backing of its banks, and that there was "no assurance" they would be completed.
Woolworths will meet Iceland's chief executive for new talks about a takeover of its retail business.
Value retail chain Poundland has today announced that it has purchased 12 ex-Woolworths stores.
Woolworths has issued a half-year trading update, showing group sales down 3.1 per cent.
Woolworths is launching its biggest ever sale today, with up to 50 per cent off toys and other products.
Deloitte has been confirmed as the appointed administrator of Woolworths.
Former Tottenham Hotspur vice-chairman David Bulcher is the latest favourite to buy Woolworths say reports.
Woolworths is to make a Lazarus-like return as an online brand after it was bought by Shop Direct.
Woolworths commercial director Steve Jebson says toys can become its biggest seller over the next few years.
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