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MFI losses could lead to store closures

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20/07/2006

Furniature retailer MFI could be set to sell off its stores after it announced losses of £45m in its interim results.

MFI’s underlying losses only added up to £5.7m, however it also suffered from redundancies and factory closures that led to further losses of £39.3m. After the news, the firm’s shares dropped by 6.5% on the London stock market.

MFI said that it was now looking to revamp its business to improve investor returns, and revealed that it was in discussions over selling its stores as part of a shake-up of the business. Additionally, it also said that Will Samuel was to replace chairman, Ian Peacock.

Chief executive Matthew Ingle said: “In a rapidly changing market place, Retail remains challenged, but we are committed to finding a way forward, even if it remains a long road ahead.”

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