MFI and Woolworths go into administration

UK retailers Woolworths and MFI have gone into administration it has been revealed yesterday despite government efforts to save them.

The Woolworths chain has been running for 99 years, but are now of the brink of falling into corporate bankruptcy, but they still aim to keep jobs running and keep the stores open in the run up to Christmas for as long as possible. With nearly 30,000 employees within the Woolworths chain, it is a worrying time for people wondering if they will lose their jobs or not.

Meanwhile MFI, who are the biggest furniture retailer in Britain, fell into administration as a result of weaker demand and problems with cash flow and credit lines. 26 stores have been closed immediately with 260 jobs being lost. The remaining stores that are open will launch ‘closing down’ sales. MFI did point out though that those who had items waiting will either receive their goods or get a refund.

So it looks as if the economy crisis has struck two big retailers in the UK, who will be next? You might want to head on down to MFI if you need a new sofa or two. Let us know your thoughts on this story.

Sources: Read
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