Made.com, the British on-line furnishings retailer, confirmed its collapse Wednesday, lower than 18 months after a inventory market flotation due to hovering demand throughout the Covid pandemic.
UK clothing-to-furniture large Next is to purchase the failed group’s model, web sites and mental property however the way forward for Made.com staff — numbering round 600 — was unclear.
Made.com floated in June final 12 months with a market worth of £775 million ($896 million), after which it was hammered by a droop in client spending and provide chain disruptions.
“Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders,” Made.com chairwoman Susanne Given mentioned in a press release Wednesday.
The firm has formally entered administration, a course of whereby an out of doors physique, on this case PricewaterhouseCoopers, seeks to salvage elements of the business.
