Furniture webshop Made.com is done trading: after its bankruptcy, only the intellectual rights are purchased by British fashion chain Next. All 500 employees lose their job.
Only name remains
Only a very small part of the bankrupt furniture seller will survive, as Next buys the brand, website, customer database and intellectual properties for 3.5 million pounds. As Made.com had a worldwide customer base, the customer data alone are quite valuable.
However, nothing else will remain of Made.com. The 500 employees are all made redundant, while attempts to offload the unsold stock is ongoing. According to Reuters, discounter TK Maxx is the prime candidate to buy a large portion of that stock. This is bad news for Made’s customers: their remaining orders will not be delivered – but will also not be restituted. Only some customers who paid by credit card, are possibly protected by their card issuer. Chairperson Susanne Given issued a statement, saying to be “disappointed” to have reached a situation that will “influence” stakeholders like customers, employees, shareholders and suppliers.
Just a year ago, at the company’s IPO, Made.com was valued at 800 million euros. With a turnover of 315 million pounds in 2020, it is one of the most high-profile companies to go bankrupt in the United Kingdom this year. Next, on the other hand, is working on a gradual expansion. The chain already has over 500 stores in British high streets and has recently acquired a majority stake in the British branch of Victoria’s Secret.