Comment: Two of the most venerable names in retail collapsed today, in what is the saddest day for retail that anyone in this office could remember.

30,000 jobs are under threat at Woolies and 1,200 or so at MFI.

While no-one would deny that these were both businesses that had very severe issues specific to them, today's events demonstrate just how brutal this consumer downturn is proving to be.

Woolworths' collapse is particularly poignant.

It probably commands more affection in the hearts of the British shopper than any other retail business bar Marks & Spencer. And while everyone was more than aware of its inadequacies it was always, well, there.

They probably thought that in the US too, where the Woolworth name originated. But it became obsolete there and is now obselete here too.

There will be huge recriminations, but huge efforts had been put into saving Woolworths. Even Peter Mandelson got involved. In the event, it was a bridge too far.

Something will emerge from the carnage. But it won't be without a lot of pain, and a lot of decent hardworking people losing their jobs. These really are the toughest of times.