EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

British furniture retailer Made.com stops taking orders

British furniture retailer Made.com stops taking orders
British furniture retailer Made.com stops taking orders Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
Share this articleComments
Share this articleClose Button

LONDON - British online furniture retailer Made.com suspended taking customer orders on Wednesday after talks to find a buyer failed, pushing the group towards administration.

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 0922 GMT on Wednesday Made's website was down.

Made.com's equity has been virtually wiped out.

It 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.

($1 = 0.8636 pounds)

Share this articleComments

You might also like