Furniture retailer MFI, which last year spent 28m on advertising, has been left without a single senior marketer after the departure of merchandising director David Tracy.
Tracy had stepped in to oversee the company’s marketing strategy after marketing director Neil Palfreeman resigned in January at the same time as marketing manager Michael Fox and advertising executive Ian Fox were made redundant.
But Tracy, who had worked at MFI for 15 years, has also left the company and no replacement has been announced for his merchandising role.
His exit allegedly follows a difference of opinion with the new MFI managing director, Matthew Ingle, about the direction of the company.
Ingle was promoted to the position of managing director in April from his role as managing director of MFI’s furniture manufacturing subsidiary Howden Joinery.
A spokesman for the company says: “The marketing function is under Matthew Ingle’s jurisdiction at the moment until a review of future strategy is carried out.”
City analysts estimate that MFI final results, published today (Wednesday), will show a significant drop in profits, from 70.3m last year to as low as 55m.
Carpetright reported pre-tax profits for the year to May 2 1998 down from 32.2m to 29.2m and a five per cent drop in sales over the past six weeks. As a result, shares fell by ten per cent.