MADE.COM has entered administration and sold its brand, putting 600 jobs at risk.
The online furniture store has sold its brand, website and intellectual property to Next, the business announced.
London-listed Made.com said its operating subsidiary MDL had appointed administrators PwC to sell its other assets and pay off its debts.
Made chair Susanne Given said: “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.
“We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone.”
It became apparent that the company might not be able to be saved after it recently halted orders to new customers.
Earlier this month, a spokesman for Made said: “In light of MDL’s requirement for further funding, and in order to preserve value for its creditors, the board of MDL took the decision on 26 October 2022 to temporarily suspend new customer orders.
“Made has now been notified that the board of MDL has resolved to file notice of its intention to appoint administrators, with a view to appointing Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers LLP as administrators of MDL.”
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