Furniture Retailer Made Goes into Administration
Online furniture retailer has entered administration, with 399 reported job losses.
“We thank you for being a part of our story, and hope to meet again”, says the Made website, after the company announced its closure.
Although Made struggled to secure a buyer, Next agreed to buy its brand name, website and intellectual property for £3.4m. However, it is not going to buy the remaining stock.
Due to the collapse of the online furniture retailer, 12,000 orders will remain uncompleted and undelivered. There’s no information on whether customers will receive their order or get a refund for it.
“This is likely to be a recurring theme with consumer-orientated businesses over the coming months as the economy continues to face a squeeze. Many businesses are facing similar pressures and increasing numbers are seeking advice,” commented Jeremy Whiteson, Restructuring and Insolvency Partner at Fladgate.