Wednesday, Nov 26, 2008
Less people "flipping" houses
BBC: Administrators called in at MFI
"Furniture retailer MFI has gone into administration - citing falling demand for big ticket items, cash-flow problems and the withdrawal of credit". The union's Yorkshire regional secretary Tim Roache said is was "disappointing that the landlords of the shops pulled the plug and did not give the management time to turn it around".
Posted by alan @ 09:03 PM (504 views) Add Comment
7 Comments
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1. little professor said...
Hardly surprising, although I thought they would manage to stumble along until after Christmas.
Now DFS surely can't be far behind - finally an end to those immensely irritating adverts.
2. mark said...
land of leather i bet
3. mark wadsworth said...
Damn! MFI was one of my favourite shops, for fitted kitchens (three) and Millborne pine self-assembly furniture (countless chests of drawers and wardrobes). I moved a lot of this from flat to house to house, and even after being dimantled and reassembled, it was still rock-solid.
4. whostolemyendowment said...
MFI website - 'temporarily' down for maintenance www.mfi.co.uk
The writing was on the wall for all these business in any downturn....but here's the thing that just occured to me, what about all those previous sales - 0% deposit pay, nothing for 1 year, then interest free - how many of these deals will ever see full payment before the likes of DFS, Land of Leather, etc go bust....I'm thinking, best I run off down there tomorrow and sign up for as much stuff as possible {I need a new sofa - leather would be nice, and a display cabinet}, by the time the first payment is due - either they will have gone bust, or I'll have gone bust....a win win situation.
5. little professor said...
@4
In these types of operations the loans usually aren't provided by the retailer themselves, but by a loans company they have a contract with. If you borrow off them to buy a sofa, you still have to pay the loan company, no matter what happens to the retailer.
6. whostolemyendowment said...
Damn - there goes my new sofa....
7. Landedgentry said...
Ikea must be happy.