One of our favourite online retailers Made.com has stopped taking orders casting an uncertain shadow over the future of the brand.
Today the chic furniture store, known for setting many home decor trends, announced that its operating subsidiary Made Design Ltd ‘has taken the decision to temporarily suspend new customer orders’. The decision comes amid administration concerns for the brand.
If you tried to visit the Made.com website (opens in new tab) this evening you would have been met with the message: ‘Sorry, MADE is not currently taking any new orders’. While you can access the product pages, every item is listed as being out of stock.
(Image credit: MADE)
Made.com has long been one of our favourite brands here at Ideal Home. It made its name as a cult furniture brand, thanks to its range of coveted velvet sofas, stylish rattan home accessories and contemporary lighting. However, at the start of October, it announced that it was in rescue talks with buyers.
The company had set a deadline for receiving firm offers to help the company at the end of the month. However, after talks with a potential buyer failed this week, the brand decided to suspend orders and looks to be on course for collapse without further intervention.
In a statement to the stock market Made.com said: ‘If further funding cannot be raised, or a firm offer for the company is not received before the company’s cash reserves are fully depleted, the board will take the appropriate steps to preserve value for creditors.’
(Image credit: Made.com)
In September, Made.com had already warned of potential job cuts to 35 per cent of its workforce and a possible sale reported the Financial Times (opens in new tab). In a statement in September, the brand blamed the decline on the cost of living crisis. Citing that the decline in customers’ spending on the site was linked to soaring inflation and weaker consumer confidence.
It is a shocking turn of events after Made.com thrived during the pandemic, coming to the rescue of many people using the time in lockdown to transform their homes. However, in just 18 months shares in Made.com have dropped from a listing price of 200p to below 1p.
We will keep you updated as the story develops.