Category: Diplomat

Furniture business MFI confirmed today it was considering an offer for its troubled retail arm. The company, which has around 200 outlets, said the terms being discussed with a private equity bidder involved a nominal sum as well as future cash contributions from MFI.

MFI has confirmed it is in talks with Merchant Equity Partners (MEP) about the possible sale of its retail arm. The furniture business, which has about 200 stores, said the deal involved the payment of a nominal sum and future cash payments from both MFI and MEP.

MFI is understood to be close to unloading its loss-making furniture retailing business.

The struggling furniture group MFI today said it was considering detailed offers to buy its unprofitable retail business as it reported a half-year loss.

Furniture group MFI has unveiled a major restructuring plan aimed at reviving its fortunes which could see up to 1,500 jobs being shed. The firm is closing 11 stores, cutting back on manufacturing and reducing the range of goods it sells to focus on fewer, more expensive products.

Furniture retailer MFI is continuing to struggle against falling sales. Orders at its UK retail stores were down 15% over the past eight weeks compared with the same period last year, it said in a trading statement. For the second half of its financial year to 26 November, the drop in sales at it…

A slowdown in consumer spending has hit trading at the Dixons Group, with UK sales falling over the past six months. The owner of Curry’s and PC World said UK sales fell 2% in the 24 weeks ending 30 April while like for like sales dropped by the same amount.

Almost 100 jobs are being created with the expansion of two companies on Teesside. MFI, which was forced to lay off workers three months ago, is to recruit 60 temporary staff due to growth at its Stockton Hygena factory.