Made.com on the brink as website stops taking orders

Homeware retailer Made.com has stopped taking orders with the company on the verge of collapse.

The retailer, which established its name with affordable mid-century-style furniture, had been seeking a buyer but terminated talks earlier this week with a number of interested parties after none were able to meet its timetable. Made is now on the brink of administration, and has said that it is no longer in receipt of funding proposals or any possible offers for a potential sale.

In the wake of this news, Made.com’s operating subsidiary Made Design Ltd said that it "has taken the decision to temporarily suspend new customer orders".

The site temporarily went down before being updated with a message that reads: “Sorry, Made is not currently taking any new orders. We appreciate your patience and we hope to be able to restart accepting orders again soon.”

The company’s statement to the stock market however is far more grave: “If further funding cannot be raised, or a firm offer for the company is not received before the company’s cash reserves are fully depleted, the board will take the appropriate steps to preserve value for creditors.”

The company’s share price has continued to tumble, with new CEO Nicola Thompson unable to stop the business heading towards administration since her appointment earlier this year. Made’s shares have decreased by 99.5 per cent in 2022 – leaving its public listing on the London Stock Exchange in June 2021 at £775 million as a distant memory.

While Made’s wide range of low-cost homewares made it one of the pandemic’s biggest winners, 2022’s supply chain issues led to extended delivery delays, while the cost-of-living crisis has seen consumers cut back on big-ticket purchases like furniture.

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