Home » UK Business News » Made.com Board proposes voluntary liquidation
Made.com Board proposes voluntary liquidation
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By Nagasunder in UK Business News, posted December 23, 2022
Made.com has announced its board has decided to officially close down the business via a member’s voluntary liquidation.
The online homeware and furniture retailer said this move will empower the company - appointed liquidators to evaluate its remaining assets pending the completion of the administration.
Made.com went into administration in November after it was hit by consumers cutting back on homeware items especially high end purchases, due to rising inflation and the cost-of-living crisis.
READ MORE: MADE.COM CUSTOMERS ARE GIVEN NOVEMBER 25 CUT-OFF FOR ORDERS AFTER COMPANY’S COLLAPSE
This challenging time for the global economy, particularly for the retail sector, has also seen rising import costs and supply chain challenges.
The homewares retailer declared a loss before tax of £35.3 million for the six months to 30 June, versus £10.1 million in the previous year.
The business closed taking orders last month when its efforts to secure a buyer had failed, putting it on a crash course for collapse.
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The high street giant Next quickly stepped in and brought the brand, domain names and intellectual property for £3.4 million.
Made is set to trade off its remaining stock, in a bid to recover funds for creditors.
Source: Retail Gazette
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