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More firms enter administration as 2008 closes

It is the end of the year but for many it may feel like the end of the world. The last month of the year has brought administration to many retail companies.

MFI, the home of the flat pack furniture retailer has now ceased trading with the loss of 1,400 jobs after the business failed to find a buyer for its stricken stores. The company's 111 stores have now all been closed.

Woolworths will have closed all of its stores by 5 January 2008 as 27000 temporary and permanent staff lose their jobs.

Ernst & Young has announced, that Music, games and DVD chain Zavvi has gone into administration, threatening 3,400 jobs. The store has struggled with sales but Zavvi's main supplier is Woolworths' unit Entertainment UK (EUK), which went into administration on 27 November.

Whittards have appointed Ernst & Young as administrators and the company is expected to be sold to EPIC private equity partners for an undisclosed sum.

The Warwickshire based firm Adams has confirmed it could go into administration as the New Year approaches after a creditor began proceedings against the childrens clothing retailer.

The outlook looks ‘gloomy’ to say the least for many other retailers. There is considerable speculation in the press and online over ‘who will be next’.

Read our Business Blog for regular updates about finance, the economy, news of interest and related stories.


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