Another sign of the times and the dreaded credit crunch is that household names Woolies and MFI go into administration.

Woolworth’s employs 30,000 in the UK across 840 stores and has been trading for 99 years. Insolvency Practitioners Deloitte’s hope that a buyer will be found for part of the company and hope’s to safeguard some of the jobs. Woolworths group includes EUK a profitable CD and Wholesale distribution business (which supplies many other high street stores and supermarkets). It’s well worth buying Christmas presents early to avoid disappointment.

Because Woolworth’s is full of stock and it’s the busy Christmas period the stores will remain open in order to raise funds.

If you have bought Woolworth’s gift vouchers as a present you would be best to spend them now and buy a present instead as it is unclear if they will be open after Christmas.

MFI employs 1,000 people across 110 stores. It is the second time MFI has fallen into administration and while buyers are being sought it is unlikely that all the stores will be saved. If you have paid a deposit for furniture it would be wise to contact the administrators to log a claim.