Business Leap Frontier

The crises of world economy now touch the British furniture chain MFI. The administrators of it announced last Friday they had failed to get a buyer for the firm and for this reason its stores had been closed with the loss of more than 1,400 jobs. Last month, MCR took on accountability for the struggling retailer but after it filed for a form of bankruptcy, now it announced the company had stopped their trading. Richard Merrin, MCR spokesman, told The Associated Press “The one big asset, that they had was the order book and they’ve not been able to find a buyer for that either so that means that all stores are closed.” He added every customer who had placed orders with this company just before it collapsed would be refunded.

Since after foundation in 1964, MFI was one of the Britain’s top furniture retailers, especially in selling home-assembled and flat-packed furniture to aspiring homeowners. But in recent few years the firm struggled as it faced increased competition from several stores for example B&Q, Homebase and. There are some problems and delays with its supply chain and many errors to orders bit into the brand as well. Finally, the wave of world economic crises has bound to the company to cease its operation. Earlier, on November 26, the authority said it was struggling with “severe cash flow pressure” because of the general deterioration in the market for home furnishings. The experts say the declaration of ceasing the operation of the company will make an impact on the economy.