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01 Oct 2008
MFI is planning to put its stores into administration in an attempt to force its landlords to give the troubled chain some breathing space.
The furniture retailer was subject to a management buy-out earlier this week and is now preparing to place 192 outlets into administration in order to agree a three-month rental waiver from landlords.
Only those stores where a rent-free period can be agreed will then come back out of administration, reported the Guardian.
Quarterly rent for the stores is due this coming Monday (6 October), at a cost of £19m. Chief executive Gary Favell is reported to have told landlords that the rent waiver is the only ‘viable option’.
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