The credit crunch takes it’s next victim - 1200 jobs are expected to be lost as MFI goes into administration. The giant kitchen retailer has been suffering over the last 6 months and has not been able to pull through these tough times.
Reporting on its company website it states.. “Phil Duffy, Geoff Bouchier and Paul Clark of MCR were appointed as Joint Administrators (”Administrators”) to MFI Group Limited on the evening of 26 November 2008. All Administrators are licensed by the Insolvency Practitioners Association.
Administrators are reviewing MFI’s financial position and operational status. Therefore all installation works have been suspended, and no further customer orders are being taken. The MFI stores remain open however for the sale of display stock only.
Founded in the 1960s, MFI has 111 stores. One in four of the stores which are owned by Galiform are to close straight away. Galiform, the group that encompasses kitchen manufacturing and the Howden joinery group, was previously united in one business with MFI, but Galiform retained ownership of some MFI outlets when they split.
For customers with outstanding orders it is unclear whether or not MFI is still in a position to deliver. It’s a sad day for MFI and its customers.