More high street names could join Woolies and MFI on the list of credit crunch casualties, a boss has warned.

Malcolm Hyde, south east regional director of the CBI, based in Sevenoaks, said the news about these two household names was worrying and deeply regrettable.

He said: "It is symptomatic of what we know is happening in the retail sector; consumers are tightening their belts and simply not spending on the high street.

"Inevitably, there will be job losses in Kent and unfortunately, they are unlikely to be the last."

~ Grim Christmas as high street names plunge into administration >>>

Experts have warned that the downturn could last well into 2010, although Chancellor Alistair Darling said in his pre-budget statement that he expected things to get better from the middle of next year.

Mr Hyde added: "Only time will tell as to whether the Chancellor’s pre-budget report will have any impact on the retail sector and whether or not it will be able to prevent any more high street names disappearing."