Woolworths & MFI enter administration
November 27, 2008
One of the biggest names on the high street has been forced to close its doors after it’s debts reaching £385million.
Woolworth’s has always been one of our favourite high street names, selling items such as Cd’s, DVD’s, Chocolates and it’s legendary pick ‘n’ mix but unfortunately bosses were unable to find a buyer to restructure the loss-making retail arm.
Staff at the store have been promised that they will be paid and that the majority of stores will stay open for the next few weeks to sell some stock before Christmas. But, this wont last for long and the future for Woolworth’s staff looks bleak.
Furniture retailer, MFI is also due to cut 1,500 jobs due to administration. This is the second time that they have had to declare themselves insolvent in the past few months.
26 stores are due to close immediately which means another 260 employees are jobless this Christmas.
Things to consider:look at our Doors Leeds
Comments
Got something to say?