British online furniture retailer Made.com has suspended taking customer orders after talks to find a buyer failed, pushing the group towards administration, reports Yahoo!
The company said on Tuesday that talks with potential buyers had been terminated and warned that if further funding could not be raised before its cash reserves were fully depleted it would take “appropriate steps to preserve value for creditors”.
On Wednesday, Made.com said its operating subsidiary Made Design Ltd “has taken the decision to temporarily suspend new customer orders”. As of this morning, (26th October, 2022) Made’s website was down.
Made.com’s equity has been virtually wiped out.
Made.com was listed on the London Stock Exchange in June 2021 with a value of 775 million pounds ($897 million) but has been hit hard by supply chain issues and a downturn in consumer spending.
Says Lisa Webb, Which? Consumer Rights Expert
“The prospect of Made.com entering administration will be concerning news for customers with orders placed – and exercising rights is not always straightforward in these circumstances.
“If a company enters administration, it may not accept the return of items. Many customers may find themselves in a situation where items have not been delivered. It is always worth trying to claim for a refund in this situation, but customers should know it is not guaranteed. The cost of repairs for faulty items could still be claimed if they came with a warranty.
“If you’ve bought something on your credit card costing more than £100, the card provider is jointly responsible for any breaches of contract. You can claim under Section 75 of the Consumer Credit Act if the item is faulty or not delivered. If you paid for goods that cost less than £100 on a credit or debit card, you may be able to claim under chargeback.”
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