Made.com Group PLC (LSE:MADE) has formally gone into administration leading to the loss of the jobs of all 500 people who worked for the online furniture retailer.
Next PLC (LSE:NXT) has agreed to buy the brand name, the website and intellectual property but will not be retaining any staff, it confirmed today.
PWC has been appointed as administrator and will start to dispose of the company’s other assets while its stock market listing is set to be cancelled.
Trading in the shares was suspended last week.
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Nicola Thompson, Made's chief executive, said: "I would like to sincerely apologise to everyone - customers, employees, supplier partners, shareholders and all other stakeholders - impacted as a result of the business going into administration.
"Over the past months we have fought tooth and nail to rapidly re-size the cost base, re-engineer the sourcing and stock model, and try every possible avenue to raise fresh financing and avoid this outcome.
"Made is a much-loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost-efficient global supply chains and limited geo-political volatility.”