Leading article: Farewell, Woolies

Now we know things are serious. Forget Lehman Brothers, Woolies has bitten the dust. If the gods of recession wanted a more profound demonstration of their power, they could not have chosen better than the news that the almost century-old retail chain is being put into administration. Of course, it is hard to say, hand on heart, that we didn't see it coming. Woolworths has been struggling for years – decades, in fact. The store might be everyone's fond childhood memory, but nostalgia does not fill the tills.

And there is some consolation. Capitalism is self-healing. Perhaps the next Woolies is, even now, opening for business in some modest premises somewhere. Remember that old Frank Woolworth had to start somewhere. But, while we wait for the successor to arise, maybe the Government had better put the Army on standby to deliver pick'n'mix to the grieving Woolies faithful. After all, these bitter times could certainly do with sweetening up.