Next buys Made.com brand as the online furniture retailer collapses

One of our favourite online retailers Made.com has collapsed into administration, and the brand has been bought by Next. 

Today it was announced that high street giant Next would be buying Made.com's brand domain name and intellectual property. However, the company's administrators PWC will be handling the rest of the assets.

'Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders,' Made Chair Susanne Given said in a statement.

The news has left many customers with outstanding orders with Made.com unsure as to whether they'll receive refunds. On the website the retailer has said:

'We are able to deliver some outstanding orders and we will provide customers with information about their orders as quickly as possible. We appreciate this has been frustrating for all our customers and we are truly, deeply sorry for this situation. We will do everything we can to achieve the best possible outcome for customers, suppliers and staff.'

Over the last few years, Next has stepped picked up other collapsed high street heroes, including Laura Ashley and BHS lighting. We are optimistic that we could see some of the Made.com cult designs we've come to love back on shelves in the future.

Made.com has long been one of our favourite brands here at Ideal Home. It made its name as a cult furniture brand, thanks to its range of coveted velvet sofas, stylish rattan home accessories and contemporary lighting. However, at the start of October, it announced that it was in rescue talks with buyers.

The company had set a deadline for receiving firm offers to help the company at the end of the month. However, after talks with a potential buyer failed this week, the brand decided to suspend orders and looks to be on course for collapse without further intervention.

Last week the chic furniture store, known for setting many home decor trends, announced that its operating subsidiary Made Design Ltd 'has taken the decision to temporarily suspend new customer orders'.

If you tried to visit the Made.com website this evening you would have been met with the message: 'Sorry, MADE is not currently taking any new orders'. While you can access the product pages, every item is listed as being out of stock.

In September, Made.com had already warned of potential job cuts to 35 per cent of its workforce and a possible sale reported the Financial Times. In a statement in September, the brand blamed the decline on the cost of living crisis. Citing that the decline in customers' spending on the site was linked to soaring inflation and weaker consumer confidence.

It is a shocking turn of events after Made.com thrived during the pandemic, coming to the rescue of many people using the time in lockdown to transform their homes. However, in just 18 months shares in Made.com have dropped from a listing price of 200p to below 1p.

We will keep you updated as the story develops.