Made.com Design Ltd. (MDL), a subsidiary of Made, has appointed PricewaterhouseCoopers (PwC) as administrator. The reason for this is the continuing “difficult economic conditions” in the retail sector.
PwC has subsequently closed the sale of MDL’s brand, website and intellectual property to Next Retail Limited, according to a statement released on Tuesday. The transaction is the best possible option to generate income for the creditors within a short period of time.
Made.com announced at the end of September that the company was up for sale. There were several interested parties as a result, but they were unable to keep to the required schedule.
Made.com has already said goodbye to its customers on its own website and announces the closure.
Employees will not be taken on
However, the takeover by Next Retail Limited does not include the 573 employees of the British online retailer. As a result, 320 employees and 79 employees who had previously resigned were dismissed with immediate effect.
“Having undertaken a comprehensive process to secure the future of the company, we are deeply disappointed that we have reached this point and how this is affecting all of our stakeholders including employees, customers, suppliers and shareholders will,” said Susanne Given, Chair of Made. “We understand and deeply regret the frustration that MDL’s bankruptcy is causing for all parties involved.”
Following Trouva takeover plans: Made.com goes to Next
At the beginning of May, the British household goods and furniture retailer itself was still interested in taking over the London-based marketplace Trouva. This should accelerate the growth strategy. It is not known whether the takeover ever took place.