Made.com ‘on verge of administration’, reports claim
British online furniture retailer Made.com has suspended taking customer orders after talks to find a buyer failed, pushing the group towards administration, reports Yahoo!
The company said on Tuesday that talks with potential buyers had been terminated and warned that if further funding could not be raised before its cash reserves were fully depleted it would take “appropriate steps to preserve value for creditors”.
On Wednesday, Made.com said its operating subsidiary Made Design Ltd “has taken the decision to temporarily suspend new customer orders”. As of this morning, (26th October, 2022) Made’s website was down.
Made.com’s equity has been virtually wiped out.
Made.com was listed on the London Stock Exchange in June 2021 with a value of 775 million pounds ($897 million) but has been hit hard by supply chain issues and a downturn in consumer spending.
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