Beleaguered Made.com has decided “to temporarily suspend new customer orders” following yesterday’s termination of talks with potential buyers.
The firm said the latest move was done to “preserve value for its creditors and shareholders”.
This comes after the company ended negotiations with all potential buyers yesterday, after no party could commit to a suitable timetable for rescue funding.
The homeware retailer had been looking to shore up aggregate funding of around £45-70m over the next 18 months as a stand-alone public company.
The London-listed firm had been discussing a takeover with “a select number of parties” in the hopes of cinching firm offers by the end of October.
However, it said on Tuesday that the suitors had all now confirmed that they were “unable” to meet a necessary timetable.
The business only made its debut on the London Stock Exchange in January, with a valuation of £775m. Its share price has taken a hammering to the tune of 99 per cent over the past year to date.
Made said “the decision to temporarily suspend new customer orders…remains under review and a further announcement will be made as appropriate.”
“At this stage of the process, there are a more limited number of options for the company with a restructuring by way of an insolvency process being the most likely alternative Made.com has in ensuring its survival,” Paul Zalkin, managing director at business advisory firm, Quantuma said.