Made has stopped taking new orders from customers as it revealed that its talks in respect of a swift sale of its business have stalled.
In a statement Made said: “Whilst at this stage the formal sale process is ongoing, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be. The board is considering the position and a further announcement will be made in due course.”
Adding: “If further funding cannot be raised, or a firm offer for the company is not received before the company’s cash reserves are fully depleted, the board will take the appropriate steps to preserve value for creditors. There can be no certainty that the terms of any offer or investment received will be suitable.”
Made is one of a number of retailers in the furniture sector which has seen competition and costs sharply increase as demand has been severely impacted due to plummeting consumer confidence.
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