Over 1,400 employees at MFI across the UK have lost their jobs after the furniture retailer ceased trading, it was revealed last night.

All 111 of the company's stores — including three in Northern Ireland — have closed after administrators were unable to sell the furniture retailer's stock and customer order book. Customers with outstanding orders have been advised to seek refunds.

Administrators Menzies Corporate Restructuring (MCR) had been trying to sell the remaining MFI stock and customer order book to third parties.

But the cost of completing the outstanding orders appears to have outweighed any benefits to the potential creditors.

It is the latest blow for the local economy, still reeling after the announcement yesterday that the jobs of 160 agency workers at FG Wilson in Larne have been cut. A spokesman for the company said: “This week we have released approximately 160 agency workers, contracted for services through Diamond Recruitment Group, who previously performed roles throughout the factories at Larne, Monkstown and Springvale.

“This is a result of a re-evaluation of market conditions and production levels. We regret this action is necessary.”

Out of FG Wilson’s workforce of 3,150 people, around 300 are agency workers. A number of those who have been let go are thought to be from abroad.

The company, which is owned by US construction giant Caterpillar Corporation, produces and supplies generator sets for industries including manufacturing, telecommunications, communications, retail and oil and gas.

As well its plants in Larne, Monkstown and west Belfast, the company has production facilities in Brazil, China, India and the US, producing more than 80,000 generators a year.

Meanwhile, workers at Arntz Belting in Londonderry have been told they will be put on a three-day week in the New Year, a trades union has said.

Thirteen agency workers are being let go due to a cut in production at the fan belt firm, which employs 175 people.

Philip Oakes from Unite said the firm blamed the global economic slowdown: “The company are hoping this action will suffice, if they can see this out full production could resume in March. Whether orders pick up remains to be seen," he said.