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MFI ‘saved from bankruptcy’

30 September 2008

A last-minute management buyout has saved MFI from bankruptcy, the Guardian reports.

After months of searching for fresh finance, the chain, which employs 2,500 people, was saved by a buyout from the private equity group that owns the business.

MFI, like many other retailers, had been suffering the effects of the economic downturn.

“News stories such as this demonstrate the severity of the downturn we’re seeing,” said a spokesperson for debt management company Gregory Pennington.

“Declining disposable incomes have left the ‘average consumer’ with less money to spend on kitchens, furniture etc, while the problems in the housing market have dramatically reduced the numbers of people moving home – something which often prompts people to spend money on home improvements.”

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