Daily News
From Home Furnishing Business
British Online Retailer Suspends Orders Due to Buyout Failure, Supply Chain Issues
October 30,
2022 by HFBusiness Staff in Business Strategy, Industry 
According to 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 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)