Britain's MFI Shutting 111 Stores

December 21, 2008  by in UnCategorized   

By Home Furnishings Business in economic news on December 22, 2008 MFI, which was once Britain's biggest furniture retailer, is shutting down all 111 of its stores after failing to find a buyer for the flat-pack chain that entered a form of bankruptcy in November.

According to published reports, including one from the BBC, MFI grew to become Britain's largest retailer with product range that was heavy on flat-pack goods. However, the 44-year-old company struggled in recent years as large home products chains like B&Q and Homebase enlarged their furniture offerings and Ikea became well-established.

On Nov. 26, the company filed a form of bankruptcy as company officials said MFI was in the midst of "severe cash flow pressure" brought on by a general deterioration in the home market. A official told the Associated Press that customers waiting for furniture ordered before the collapse will receive refunds.