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UK: More Than 1,400 Jobs Lost As MFI Ceases Trading |
More than 1,400 staff at MFI across the UK have lost their jobs after the furniture retailer ceased trading on Friday. All 111 of the company's stores have closed after administrators were unable to sell the furniture retailer's stock and customer order book. Customers with outstanding orders have been advised to seek refunds.
Administrators Menzies Corporate Restructuring (MCR) had been trying to sell the remaining MFI stock and customer order book to third parties. But the cost of completing the outstanding orders appears to have outweighed any benefits to the potential creditors.
MFI saw a dramatic fall in sales recently, fuelled by competition from rivals like Ikea, B&Q and Homebase. The downturn in the housing market also took its toll on business, as demand for new kitchens and bedrooms slumped.
Namnews - Monday 22nd December 2008
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