LONDON (AP) — The administrators of British furniture chain MFI said they had failed to find a buyer for the firm and that all its stores had been closed with the loss of 1,400 jobs.

MCR, which took on responsibility for the struggling retailer last month after it filed for a form of bankruptcy, said the company had ceased trading.

"The one big asset that they had was the order book and they've not been able to find a buyer for that either so that means that all stores are closed," MCR spokesman Richard Merrin told The Associated Press.

He said all customers who had placed orders with the company before it collapsed would be refunded.

Founded in 1964, MFI was once Britain's top furniture retailer, specialising in selling home-assembled, flat-packed furniture to aspiring homeowners. In recent years the company struggled as it faced increased competition from stores such as Ikea, B&Q and Homebase. Problems with its supply chain and delays and errors to orders also bit into the brand.

On November 26, the company said it was suffering from "severe cash flow pressure" as a result of the general deterioration in the market for home furnishings and went into administration.