British furniture brand Made.com goes bust

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British e-commerce company Made.com, based in London, has gone bust, after struggling to stay above water since the pandemic. The cost-of-living crisis has meant households have been cutting back on purchases in recent months, affecting businesses like Made.com. 

There were concerns that Made.com would go into administration earlier this week, and today, November 9, the news has been confirmed by the retailer.

Susanne Given, the company’s chair, said: “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.

“We appreciate and deeply regret the frustration that [Made.com] going into administration will have caused for everyone.”

Made.com’s closure will lead to the loss of 500 jobs, affecting hundreds of people’s livelihoods. 

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The company enjoyed soaring sales during Covid lockdowns as more people shopped online while staying at home, but, since, rising bills and the cost-of-living crisis have meant households have cut back on spending. 

Made.com has appointed PwC as the administrator, and retail giant Next will be buying the brand name and intellctual property.

It is not yet known if customers will receive refunds for outstanding orders with the brand.

The retailer announced its intention to appoint administrators last week, and the formal legal process was expected to take place soon after.

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Made.com was founded in 2011 to offer affordable yet stylish furniture online. At the time, it said it wanted to be the “new Ikea”.

The retailer sourced furniture directly from manufacturers and designers, which young people seemed to like – Made.com gained loyal customers mostly in their 20s and 30s.

People spending more time online and in their homes during the national lockdowns in 2020 meant Made.com’s sales soared, and the company was valued at £775million last year.

However, more recently, the brand started to struggle as Britons cut back on unnecessary spending.

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