// Made.com website stops taking orders
// Just yesterday the retailer warned it would “take appropriate steps to preserve value for creditors”
The Made.com website has stopped taking orders as the retailer teeters close to the brink.
It comes as the homewares retailer formally terminates its sale process.
The website currently has a message that reads: “Sit tight, we’ll be back soon”.
The furniture retailer yesterday revealed that its attempts to secure a buyer had failed, which put it on a crash course for collapse.
The retailer, which kicked off a process to find a buyer following an unsuccessful fundraising round last month, was unable to find a buyer that could make an offer ahead of its end of October deadline.
It warned that would be forced to “take appropriate steps to preserve value for creditors” when its funds are depleted.
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Made.com said it was “considering the position” and a further announcement will be made in due course.
It added: “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.
It warned that it “may determine” to suspend its shares on the stock exchange and would make a further announcement in due course.
Made.com has formally terminated its sale process.
The retailer said: “Having considered the nature of ongoing discussions with interested parties as part of the company’s strategic review process, the board has concluded that there is no reasonable prospect that an offer for the issued and to be issued share capital of the company will be forthcoming and has accordingly decided to terminate the formal sales process under the Takeover Code. Accordingly, the company is no longer in an offer period.
“The Board of Made will continue to look to preserve value for its creditors and shareholders as part of the ongoing strategic review and a further update will be made as and when appropriate.”
Retail Gazette has contacted Made.com for comment.
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