Furniture e-tailer Made.com has sold its brand, website, and intellectual property to Next for an undisclosed amount after entering into administration.
In a statement, Made.com said its operating subsidiary MDL have appointed Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers LLP as administrators, which will undertake selling assets remaining in the estate “in due course” to pay off its creditors.
Susanne Given, chair of Made.com, said: “Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders. We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone.”
Made.com bought out of administration
The company suspended new customer orders and its ordinary shares, which are listed on the London Stock Exchange earlier this month. This followed Made.com's initial intention to put itself up for sale on September 23, citing supply chain issues and a negatively impacted consumer market which had left it in an overstocked position.
Given added: “I want to sincerely thank all our employees, customers, suppliers and partners for your support throughout the past 12 years and especially during this difficult time where we have tried so hard to find a workable solution for the Company and all its stakeholders.”
Next has not commented on its plans for the brand.