Making sense of the past seven days
It's not often that the taxman comes to the rescue of a business, but MFI will take all the help it can get at the moment.

But while it is overdue a bit of luck - and a£20 million repayment from Customs & Excise certainly falls into that category - it does nothing to solve the immense trading problems the business appears to be facing.

New chief executive Matthew Ingle is keeping his head down - not surprising after the well-deserved roastings his predecessor John Hancock was on the receiving end of - but sooner or later he will have to spell out his vision for getting the company back on track.

The problem with MFI is that, for a long time, the success of its trade arm Howden disguised the fundamental problems of its main business - poor product, poor service, stores in the wrong locations and a chaotic supply chain.

And while steps have been taken to try to rectify these problems, the dreadful market conditions in furniture have hampered the efforts to get things back on track. The slowing in Howden's growth, which had to come sometime, has thrown the problems of the core business into sharp focus.

MFI is one of the most venerable names in retail, but Ingle's task couldn't be tougher. He will need to carve out a new and distinctive position for MFI if it is to survive in its current form.

Today Retail Week reveals that Carphone Warehouse, Game and Jessops have joined forces to create a new gadget superstore format.

It is an idea which makes a great deal of sense. Smaller-format retailers have effectively been prohibited from many of the best retail parks by the non-availability of smaller units, and whatever the Government does to persuade shoppers back into town centres, it doesn't seem to be working.

So if they're to compete with retailers such as Tesco and Argos, these specialists need to be in the best shopping locations. Whatever else they try, this is something the supermarkets and general retailers can't beat them on.