MADE.COM is close to collapse as the furniture store closes its shop and online store for new orders.
Rescue talks to find a potential buyer have collapsed after the furniture retailer put itself up for sale last month.
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Customers can no longer order furniture on the Made.com website.
Instead, visitors are shown a single web page which reads “Sit tight, we’ll be back soon.
“We’re making some important updates to improve your shopping experience.”
It comes after Made.com put itself up for sale last month following a slump in value after going public last June.
According to The Times, the company now needs £70million to continue operating as a standalone business.
But, the British furniture retailer said on Tuesday that talks with a number of interested parties for a potential sale of the company have been terminated after they were unable to meet the timetable.
The company added that it is no longer in receipt of funding proposals or any possible offers for a potential sale.
In a statement, Made.com said: “The board is considering the position and a further announcement will be made in due course.
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“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.
“There can be no certainty that the terms of any offer or investment received will be suitable.”
The news comes after several major retailers collapsed in recent years.
Corner shop chain McColl’s went bust back in May 2022 leaving 16,000 out of a job and 1,100 stores empty.
Department store, Debenhams went bust back in April 2020 – amove which left 22,000 out of a job.
