// Made.com is set to go into administration this week after founder Ning Li’s last-ditch effort to save the business was rejected
// Next is believed to be the frontrunner to buy the Made brand name
Made.com’s founder Ning Li has failed in a bid to take control of the embattled online retailer as it teeters on the brink of administration, which would trigger around 500 job losses.
According to the Telegraph, Ning Li told staff at the business that he “really tried” to save their jobs, after a last-ditch effort to return to the front line of the company was rejected.
Mr Li, one of Made.com’s largest shareholders, said he put in an offer to the Made.com board and PwC last week but the approach was rejected on Monday morning.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Writing to staff, he said: “Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash, rather than saving jobs and honouring our customers. It makes no sense to me. But I wanted you to know that I really tried.”
Mr Li, who took on the role of chief executive at the business until 2017, said his offer would have saved at least 100 jobs at the furniture chain.
Next and Frasers Group are frontrunners to buy Made.com with the former understood to be the frontrunner in the process and the Made.com name is expected to be sold straight away in a cut-price deal.
Made.com filed its intention to appoint administrators last week, giving management a deadline to find a buyer for all or parts of the business.
The online retailer is expected to formally enter administration tomorrow and a pre-pack administration is expected.
Click here to sign up to Retail Gazette‘s free daily email newsletter
