MFI goes under

In the last half an hour, MFI - the UK's largest furniture store - has gone into administration and, according to Robert Peston, Woolworth's will do the same tonight.

A quick scan of businesses directories indicate that there are 63 Woolworth's shops in Wales and 9 MFI stores, employing around 1500 people directly.

As discussed earlier this week, any closures will have a massive impact on consumer confidence in the short term and will seriously hit retail company shares tomorrow morning, possibly causing one or two other chain stores to go into deep trouble.

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