The future for nearly half of MFI stores in the UK looks increasingly bleak after administrators for MFI Retail Ltd and MFI Properties Ltd announced they are winding down some of the 81 stores in their control.
Administrator Kroll Corporate Advisory & Restructuring Group said purchasers for the stores had not yet been identified, but negotiations with a range of prospective purchasers were continuing. The winding down of some stores is intended to help achieve the best realisation of assets.
“All employees have been made aware of the situation and we are grateful for their ongoing understanding and support throughout the administration process,” said Fraser Gray, Kroll partner.
Prior to the administrators’ appointment, MFI Group Ltd’s management completed a buyout of 106 MFI stores, safeguarding 1,350 jobs.
