Woolworths and MFI bankrupt

Woolworths went into administration on Wednesday, just after MFI, in "the bleakest day so far" for the UK retail sector, reported the Financial Times. Woolworths failed to get the required backing from its banks to get through its cash crisis and failed, in the biggest retail collapse for many years. Although 30,000 jobs are at risk, the government decided not to offer taxpayer cash, as it judged the failure to be due to the company’s business model. MFI sources indicated that it was "unlikely to re-emerge from administration".