Or is it I who should have known this in advance and never set foot in their store?
MFI to be sold for just £1
By Elizabeth Rigby and Eoin Callan // 16th September 2006
The board of MFI is poised this weekend to approve the sale of its struggling retail business to Merchant Equity Partners, in a deal that will see the furniture chain pay its acquirer a "dowry" of about £100m. Under the terms of the unorthodox deal, the 42-year-old furniture chain is thought to have agreed to pay MEP, run by Henry Jackson, the veteran investment banker, a dowry to take the lossmaking business off its hands so it can concentrate on its profitable Howden Joinery trade business.
The deal, which is set to be signed this weekend, still has to be agreed by MFI shareholders. The generous terms being offered by MFI reflect the dramatic erosion in the retailers value over the past few years. Once priced at close to £1bn, MFI is now set to change hands for a nominal sum of £1.The UK's biggest furniture-maker has been one of the casualties of the tough recent trading period for retailers, which has seen costs rise while the prices have fallen.
Friday, September 22, 2006
Everyone is learning from their mistakes
Wouldn't it be cool if this was because someone read what I wrote about their warehouse of hideousness, idiot design, rubbish customer service and 243 screws for 3 drawers?