Good morning: Made.com, the collapsed furniture retailer, has confirmed that the brand has been bought out of administration by Next, the high street clothing chain led by Lord Wolfson of Aspley Guise.
Made’s operating subsidiary, MDL, was forced to appoint administrators from specialist firm PwC who immediately tied up the deal with Next. They did not say whether any of the company’s 600 jobs will be saved as part of the deal.
Made’s shares have collapsed since it went public in June last year, valued at £775 million, and it stopped taking new customer orders last month. No price for the deal has been disclosed, although it is understood that Next had previously offered around £2 million for the website.
The board expects the listing
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