Offers from ex-CEO of Made.com “rejected”
The founder and former CEO of struggling online furniture retailer Made.com says that three offers to purchase the struggling company have been rebuffed.
Speaking in an open letter to Made.com employees, Ning Li described his “sleepless nights” over the company being on its “last legs”.
This comes after news that Made.com is expected to go into administration today or tomorrow.
The online furniture retailer had its shares suspended after failing to find a buyer for the company. In October, Made.com stopped taking any more orders.
Made.com enjoyed a boom in sales during the COVID-19 pandemic as more people shopped from home and saw a valuation of £775m on the London Stock Exchange in June 2021.
Since then, the company has suffered weaker sales as consumer spending habits see more customers heading back to the high street.
Speaking on LinkedIn, Li described how he “wanted the brand to live on and live well.”
He continued: “Last Friday, I submitted my 3rd and final proposal to buy the company back to the board of directors and PwC. […] Unfortunately, my proposal wasn’t accepted. Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash.”
Next is rumoured to be the next buyer of the furniture store, with an offer of around £2m reported. Frasers is also another business believed to be interested, after snapping up several other struggling retailers.