11th May 2005 07:00
MFI Furniture Group PLC11 May 2005 11 May 2005 UPDATE ON HYGENA AT CURRYS MFI Furniture Group and Dixons Group have agreed to end their venture, Hygena atCurrys, by mutual agreement following a comprehensive review of the business.While the business demonstrated some success, the sales growth was insufficientto generate a financial return that justified continuing in the longer term. Thetotal potential exit cost for MFI will be £5 million with an additional £3million negative impact on Group operating profit. A closure programme for the Hygena concessions, which trade in 130 of Currys'370 stores, will take place between July and September 2005. All customer orderswill be honoured and full after-sales service will be provided. A consultationprocess will start tomorrow and we will be working closely with all affectedemployees during this period. John Hancock, Chief Executive, said, "Hygena at Currys has been a worthwhileexperience for both sides but we cannot justify continuing the partnership. Ourfocus now is working with those colleagues affected to consider options for thefuture. MFI continues to be the largest supplier of kitchens in the UK and weremain focused on improving the performance of our core UK Retail businesses." Contact Susan Gilchrist/Fiona Laffan/Anna Jones 020 7404 5959 Notes to Editors •Hygena at Currys trades in 130 of Curry's network of 370 stores and employs around 400 staff This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Howden JoineryDXNS.L