LONDON, Nov 9 (Reuters) – British fashion retailer Next (NXT.L) will buy the brand of collapsed online furniture seller Made.com (MADE.L), which entered administration last week after running out of cash.
Made, which had a nearly 18-month run as a public company, last week became one of the most high profile British retailers to fail, hurt by supply chain issues and as consumers cut back on discretionary spending.
It said on Wednesday that while Next would buy Made.com’s brand, domain names and intellectual property, the company’s administrators PwC would take control of its remaining assets including payments made to creditors.
“Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders,” Made Chair Susanne Given said in a statement.
Next, which trades from over 500 stores and online, has been picking up stakes in or acquiring smaller retailers in recent years, including failing brands, such as its purchase of a majority stake in the Victoria’s Secret UK business in 2020.
Made said in September it was cutting jobs and considering a sale, with some reports saying as much as 35% of the workforce was likely being let go. At the time, Made had employed around 700 people.
Reporting by Sachin Ravikumar; Editing by Kate Holton
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