British online furniture and homewares retailer Made.com has stopped taking orders and terminated its formal sales process after being unable to find a buyer.
The retailer, which announced its intention to commence a formal sale process on 23 September, had invited a number of companies to submit "firm offers" by the end of this month.
However, it said today that it is no longer in receipt of any possible offers and has concluded that there is no reasonable prospect for one.
Made.com stated that it will "continue to look to preserve value for its creditors and shareholders" and will give a further update when appropriate.
Company no longer taking orders
The company's homepage states that it is no longer taking any new orders, but says it hopes "to be able to restart accepting orders again soon".
The retailer floated on the stock market in June 2021 after seeing record results in the six months to June 2021, when revenue grew by 61 per cent.
But in its update for the first half year of 2022, the company stated that it had seen a "significant reduction in demand" during the period.
"The first half of the year was a challenging time for the global economy and particularly for the retail sector," CEO Nicola Thompson said at the time.
"The Group has faced a significant reduction in demand which has been difficult for the business and its stakeholders."
Coronavirus lockdowns led to supply chain issues
The online furniture retailer had seen an influx of customers during the Covid-19 pandemic but was hit by supply chain issues in 2021 when coronavirus lockdowns led to an increase in freight costs.
Made.com, which styles itself as "the leading digitally native lifestyle brand in home", launched in the UK in 2010 and later launched in a number of other European markets.
The company also ran TalentLab, a platform for emerging designers.
The photography is courtesy of Made.com.