MFI = Bye, then...

PostMFI = Bye, then... by **Cal** » Wed Nov 26, 2008 4:42 pm

MFI 'at risk of administration'

Furniture retailer MFI could be forced into administration unless the firm's store landlords agree to a rent-free period, the GMB trade union has warned.

The comments from the GMB come amid growing press reports that MFI is considering a move into administration because of financial problems. MFI, subject of a management buy-out in September, was unavailable for comment. The company currently has 110 stores across the country and a workforce of more than 1,000 people.

'Irresponsible'

"GMB members are asking former owner Galiform and other landlords of the 100 stores across the UK to be patient and agree to the rent-free period asked for by the management who bought the firm at the end of September," said Gary Smith, GMB National Secretary. "The forthcoming cut in VAT may see an upsurge in business and it would be irresponsible of the landlords to put 1,000 people out of work by pushing the company into administration."

Led by chief executive Gary Favell, September's buy-out took on 110 MFI stores, while 81 loss-making outlets were placed in administration. MFI has seen sales fall in recent years as it has faced increased competition from newer rivals such as Ikea. The management buy-out bought MFI from previous owner, private equity group Merchant Equity Partners (MEP). MEP bought the retail business for £1 in 2006 from the former MFI company, which renamed itself Galiform and maintained ownership of the manufacturing arm.

http://news.bbc.co.uk/1/hi/business/7750250.stm

Falling like MDF Pins more like.....

I didn't get it either.

My grandad worked for MFI for 15 years. They gave him an ornate gold carriage clock as a retirement gift. I hope they survive.

I tell you something, I think they'll be just fine. People always need fitted kitchens, even in an economic downturn.

BREAKING NEWS from the Press Association: MFI plans to appoint administrators.

So it's true. It's strawberry floated.

As, allegedly, is Woolworths.

Although they have a cheapo reputation, our kitchen an utility room were done by MFI and they look great. Hence, I hope they survive. Besides, there's one only about 10 minutes from me, on the edge of town. That area would look a bit odd if it weren't there.

jamcc wrote:Although they have a cheapo reputation, our kitchen an utility room were done by MFI and they look great. Hence, I hope they survive. Besides, there's one only about 10 minutes from me, on the edge of town. That area would look a bit odd if it weren't there.

Don't worry, I'm sure it'll be recycled into a hobo playground.

Who's actually ever bought anything from MFI recently?

PostRe: MFI = Bye, then... by **Hexx** » Thu Nov 27, 2008 10:02 am

They're far more "strawberry floated" than Woolies I expect.

They wont have the "prime" property locations as Woolies, and aren't quite the same level of "brand" someone will want to maintain...

Jaxley wrote:Who's actually ever bought anything from MFI recently?

I had a look in there once.

PostRe: MFI = Bye, then... by **Gandalf** » Thu Nov 27, 2008 10:05 am

PC World and Currys are starting to wobble:

http://news.bbc.co.uk/1/hi/business/7751786.stm

PostRe: MFI = Bye, then... by **Hexx** » Thu Nov 27, 2008 10:07 am

Gandalf wrote:PC World and Currys are starting to wobble:

http://news.bbc.co.uk/1/hi/business/7751786.stm

Shh. Let Cal make a new thread

PostRe: MFI = Bye, then... by **Eighthours** » Thu Nov 27, 2008 10:16 am

On the radio last night, many people were calling up saying that they didn't give a gooseberry fool about MFI due to their pathetic customer service. There were some real horror stories.

Seems pretty self-inflicted to me.

PostRe: MFI = Bye, then... by **Suffocate Peon** » Thu Nov 27, 2008 10:18 am

I wonder how DFS is doing.

I'm keen to know. Or whoever it is who has a sale on every week and does those annoying adverts. Having names like DFS and MFI doesn't help. (me distinguish between them, not their success)

PostRe: MFI = Bye, then... by **Denster** » Thu Nov 27, 2008 10:35 am

I posted in the woolies thread about my apathy towards the demise of both. On reflection it is a shame in a way for two well known store franchises that it has come to this. When i was a kid the telly always had woolies and MFI adverts. Sign of the times I suppose. With the credit situation as it is the business world is at its most cutthroat i would imagine.

By the way is anyone else sick of hearing the expression 'CREDIT CRUNCH'. I know I am. Everywhere you go someone is attributing their downfall or problems to the 'CREDIT CRUNCH.' It is currently the most annoying buzz word. Even worse than 'MAYNE!'

MFI = Bye, then...

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