Made.com board to liquidate business following Next acquisition

Image: Made.com Furniture e-tailer Made.com has announced that its board has proposed a formal winding down of the business through a member’s voluntary liquidation. In a regulatory filing, the company said that the proposal represents the best and “most cost effective” option to protect and realise any shareholder value. As part of the decision, appointed liquidators will assess Made’s remaining assets following the completion of the administration. The British group fell into administration last month after putting itself up for sale in September following a slew of supply chain issues and a negatively impacted consumer market that left it in an overstocked position. It came after a number of parties interested in taking over the firm missed its sales process deadline, resulting in the suspension of new customer orders and London Stock Exchange listing. Ultimately, Next stepped up to acquire the brand, as well as its domain names and intellectual property for 3.4 million pounds. While Next has not yet outlined its plans for the company, former Made.com employees announced their intention to take the retailer to court over the way they were made redundant early November. According to the employees, which are being instructed by law firm Aticus Law, they were told over a Zoom call that they would be losing their jobs with immediate effect.
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