LONDON (Reuters) – 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)
(Reporting by Sinchita Mitra in Bengaluru and James Davey in London; editing by Rashmi Aich and Jason Neely)