Made.com poised for liquidation
The board of online Made.com has recommended that the struggling fashion retailer be placed into voluntary liquidation.
MADE was purchased by Next in November after falling into administration.
Members Voluntary Liquidation is a process in which a solvent company can choose to wind up its assets, in contrast to insolvent liquidations which leave debts unpaid.
The retailer’s board said that the process will enable liquidators to realise the company’s remaining assets and to save any ongoing costs with any residual value distributed to shareholders.
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.
The retailer fell into administration after failing to find a buyer, and