<div id="subtitle">Administrator says UK furniture chain MFI will close all its stores, cut 1,400 jobs</div><div><p>The administrators of British furniture chain MFI said Friday they had failed to find a buyer for the firm and that all its stores had been closed with the loss of 1,400 jobs.</p><p>MCR, which took on responsibility for the struggling retailer last month after it filed for a form of bankruptcy, said the company had ceased trading.</p><p>"The one big asset that they had was the order book and they've not been able to find a buyer for that either so that means that all stores are closed," MCR spokesman Richard Merrin told The Associated Press.</p><p>He said all customers who had placed orders with the company before it collapsed would be refunded.</p><p>Founded in 1964, MFI was once Britain's top furniture retailer, specializing in selling home-assembled, flat-packed furniture to aspiring homeowners. In recent years the company struggled as it faced increased competition from stores such as Ikea, B&Q and Homebase. Problems with its supply chain and delays and errors to orders also bit into the brand.</p><p>On Nov. 26, the company said it was suffering from "severe cash flow pressure" as a result of the general deterioration in the market for home furnishings and went into administration.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=38992974&bid=informcom" /></div><div id="copyright"><div>

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