Made.com has entered administration and sold its brand, website and intellectual property to Next, giving hope that some of its 600 staff will keep their jobs.
There was no news on how many, if any, workers would be saved when it was confirmed that Made’s operating subsidiary had officially collapsed.
More information was expected later from administrators at PricewaterhouseCoopers (PWC) which was beginning the task of selling the company’s other assets and paying off its debts to creditors.
The parent firm’s stock market listing was expected to be cancelled, just over a week after trading in Made.com shares was suspended.
Chief executive, Nicola Thompson, said: “I would like to sincerely apologise to everyone – customers, employees, supplier partners, shareholders and all other stakeholders – impacted as a result of the business going into administration.
“Over the past months we have fought tooth and nail to rapidly re-size the cost base, re-engineer the sourcing and stock model, and try every possible avenue to raise fresh financing and avoid this outcome.
“Made is a much loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost efficient global supply chains and limited geo-political volatility.
“That world vanished, the business could not survive in its current iteration, and we could not pivot fast enough.
“The brand will now continue under new owners. I hope that a reconfigured Made will prove to be sustainable and will continue to be loved by customers.”
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