Made.com moves closer to collapse
Furniture retailer Made.com has moved closer to administration after talks to find a buyer for the business failed.
The company announced earlier this month that it was in talks with a number of interested parties, but now says all have confirmed that they are unable to meet its deadline for the receipt of firm offers.
Made also said that it “is no longer in receipt of funding proposals or possible offers for the issued and to be issued share capital of the company”.
The business said in a statement to the stock market: “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. There can be no certainty that the terms of any offer or investment received will be suitable.”
The news follows a challenging period for Made in which trading has been impacted by a decline in discretionary consumer spending and a need to sell more goods at a discount.
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