Retailers are feeling the squeeze in the run-up to Christmas and many household names, including Woolworths and MFI, are feeling the squeeze. The battle for shoppers is getting desperate - but where can you find the biggest bargains on the must-have items this Christmas? We reveal all
Retailers are feeling the squeeze in the run-up to Christmas and many household names are going
to the wall. This week saw both Woolworths and MFI go into administration. Woolworths directors
called in the administrators on Wednesday evening after fears that the retailer would be unable to
pay staff wages this week. Court-appointed buyers are now trying to find a buyer for the
chain’s 800 stores.
Elsewhere, furniture and DIY store MFI was unable to pay rent on some of its stores and was
placed in administration. Between the two companies, more than 31,000 jobs in total are under
threat.
Other high street stalwarts are also struggling. DSG International - which owns PC World and
Currys - posted its first loss in 24 years with sales down at both stores. And according to price
comparison site uSwitch.com, Christmas spending is to be cut by £300 million this year as shoppers
face the first “credit crunch Christmas”.
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Will the VAT cut help?
Experts say that Chancellor Alistair Darling’s announcement in the Pre-Budget report that VAT
will be cut from 17.5% to 15% until the end of next year will do little to stimulate consumer
spending. Critics say it’s unlikely to make hard-pressed households splash out -and that much
bigger price reductions can be found simply by shopping around. We show you where to find them.
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