Deathwatch - MFI in administration, closing down sales to begin
Woolworths isn't the only high street brand to collapse today; The Times reports that MFI, the UK’s biggest furniture retailer, has also gone into administration for the second time in two months, putting more than 1,000 jobs at risk. Before IKEA dominated the flatpacked landscape, MFI bookcases and wardrobes were found in every home. Now, 26 stores will close immediately with the loss of around 260 jobs.
Administrators MCR will attempt to sell the business as a going concern, though it's thought unlikely that any buyer will come forward. Closing down sales will be held at the 111 remaining stores;
The move follows a tense stand-off between MFI’s owners and the landlords of its stores. MFI had requested a three-month rent-free period from the landlords of its stores who, at the beginning of October, gave the firm just one month’s grace.
TOPICS: High Street News