MFI FURNITURE STORE CLOSING DOWN
Furniture retailer MFI has gone into administration - citing falling demand for big ticket items, cash-flow problems and the withdrawal of credit. Some stores will continue to trade, but 26 will close. Existing orders will be either met or refunded, MFI said. The GMB union had warned this was likely unless the firm's store landlords agreed to a rent-free period. The firm, subject of a management buy-out in September, has 110 stores and a workforce of more than 1,000 people. Analysts said that the downturn of the housing market was a major contributor to MFI's decline, people stopped buying things such as new bathrooms and kitchens.
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Location: CAMBRIDGE ENGLAND UK
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