MFI To Leave The Bathrooms And Sofas Business

Written by Administrator February 28, 2006

MFI is to leave the bathrooms and sofas business and may cut up to 370 jobs. It revealed a recovery plan after poor sales wiped out annual profits. The firm, which recently sold its French Hygena chain and secured an asset-backed Ł150m loan facility to help it restructure, said it made a pre-tax loss of Ł600,000 before exceptional items for the year to December 24.

MFI had prepared investors for a loss following a profit warning in October, the fourth in 12 months. The company is to reduce UK manufacturing by 40% and close at least 11 stores, as well as shut three home delivery centres and its sofa workshop business.

Source: RTE News.