Two major popular businesses drop out of the list last night after major failures in its business, mainly because of the economy recession crash. They both have suspended all suppliers and traders from further business, and any current buyers can’t get refunds and/or their warranties are now void with the third party supplier.
The two new businesses have been forced to be put into administration, and will no longer be under operation or management. Both businesses headquarters are located in London, and the news was released publically approximately 8 PM last night.
Around 16 million buyers from both services within the past 3 months are very shocked about this, and will now affect everyones state of buying. Woolworths was one of the longest running stores in UK ever, it was a few months earlier than Marks and Spencers. It just shows that not even the strongest can survive, and many specialists strongly recommend people to spend their money to recover the economy crash to continue and permit businesses to operate. It’s the customers that keep the businesses open, and if they lose faith the company is due to go in administration within time.
Woolworths sells really everything (products, toys, games, clothes etc) and MFI specialises in sofas and furniture, and it really shows that the big boys are struggling really bad. People are only going for the cheapest right now, even the rich people themselves. Heavily expensed product sales are most likely to go down by 60% says many experienced investors and critics, and Christmas is usually the best time of the year. It’s definately not this year, a large majority of people will probably not afford decent products for their loved ones.
MFI Group Limited is now being administrated by “Joint Administrators” and announced its stores is open for display purposes only. They will no longer serve customers, and shortly will close operations for the brand soon. The companies have clearly stated that over 10,000 people lose their jobs from this disaster, and that they are very sorry about what happened but it was out of their control. They are just as upset as the buyers and shareholders are. Woolworths is also being administrated by “Joint Administrators” as well.
A very unexpected shutdown, and a long and popular company goes bust is the last thing people would possibly expect.
http://www.woolworthsgroupplc.com/media/news_release_article.cfm?year=2008&id=175
Leave a Reply