I have never bought anything from MFI; always considered it a poor effort with low quality products sold over-priced.
However I feel a modicum of sympathy with the staff charged with trying to sort the mess out that management ahve made. However, this has now failed and the company is to be 'sold' for a pound.
Our old favourites, a Private Equity house, have come to the rescue. Albeit demanding £50 million from the remnants of MFI for taking on the business (see here). This should jsut about cover the interest payments on the debt for a year or two.
The parallel with Rover is noteworhty. Daimler too paid to get the company off its books and it stuggled on with the money covering the debts and salaries for 3 years until it collapsed; sadly, I predict the same for MFI. Without any manufactuing base or supply chain to support it there is no chance of it competing with IKEA etc.
If anyone you know works there, advise them to get out now, when companies go under there is little payout in redundancy money to look forward too. They should have enough time to find a new job though.