Next rescues stricken furniture brand but 500 jobs still in jeopardy
Next has swept to the rescue of MADE.com after the furniture and home accessories brand collapsed into administration – but reports suggest some 500 jobs could still be lost at the stricken firm.
In a statement to the London Stock Exchange this morning (9 November), MADE said it had called in PwC to handle its affairs after declining sales attributed to the cost-of-living crisis hit its bottom line.
Next has agreed to acquire the brand, domain names and intellectual property of the company – reportedly for around £3.4m – but it remains to be seen whether the Leicestershire-based retailer is planning to retain the firm’s staff.
Other assets remaining in MADE’s estate will be realised by the administrators “in due course” and payments will be made to creditors “in accordance with the statutory priority.”
Susanne Given, chair of MADE, 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.
“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.”
