# Britain’s Next buys failed furniture retailer Made.com, 400 jobs axed Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-09 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Next buys Made.com brand for 3.4 million pounds after Meta Description: British fashion retailer Next purchases Made.com for £3.4 million following online furniture seller's administration, resulting in 400 job losses. URL: https://financedigest.com/britains-next-buys-failed-furniture-retailer-made-com-400-jobs-axedhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-11-09t071822z1lynxmpeia80acrtroptp4next-outlook-1736814891703-compressed.jpg) By Sachin Ravikumar LONDON (Reuters) -British fashion retailer Next will buy the Made.com brand for 3.4 million pounds ($3.8 million) after the online furniture seller collapsed into administration, resulting in about 400 job losses. Made.com hit the buffers on Wednesday, running out of cash as a weaker economy deterred Britons from buying new furniture. Retail giant Next bought its brand, website and [intellectual property](https://www.financedigest.com/white-bullet-releases-ad-funded-piracy-report-for-world-intellectual-property-organisation-wipo.html "White Bullet releases Ad Funded Piracy Report for World Intellectual Property Organisation (WIPO)") from administrators PwC. [PwC said in a statement the deal did not include staff](https://www.financedigest.com/pwc-australia-clients-staff-in-focus-as-tax-leak-faces-government-hearings.html "PwC Australia clients, staff in focus as tax leak faces government hearings") and so there would be about 400 redundancies. Made.com had a nearly 18-month run as a public company, selling sleek furniture online, [backed by a large advertising budget](https://www.financedigest.com/walmarts-long-lasting-challenge-luring-budget-shoppers-back-to-its-stores.html "Walmart’s long-lasting challenge: luring budget shoppers back to its stores"). It performed strongly during the [COVID-19 pandemic](https://www.financedigest.com/pandemic-restrictions-that-hampered-the-circulation-of-viruses-other-than-covid-19.html "Pandemic restrictions that hampered the circulation of viruses other than COVID-19") as shoppers, stuck at home, spent freely on sofas, coffee tables and lamps. But the group ran into trouble, and out of cash, as supply chain disruptions hit its [operations before Britain’s](https://www.financedigest.com/britain-sets-5g-goal-says-no-magic-number-of-operators.html "Britain sets 5G goal, says no ‘magic number’ of operators") economic downturn started to weigh on consumer spending, leaving it holding too much stock. The appointment of administrators made it one of the highest profile British retailers to fail this year, in what is likely to be a testing time for the sector as [consumers face one of the toughest financial](https://www.financedigest.com/uk-consumer-mood-hits-one-year-high-but-financial-gloom-persists.html "UK consumer mood hits one-year high, but financial gloom persists") squeezes on record. The number of company insolvencies in England and Wales [hit its highest level in the April-June period in nearly 13 years as surging energy prices](https://www.financedigest.com/uk-shop-price-inflation-hits-record-8-in-january-brc-2.html "UK shop price inflation hits record 8% in January: BRC") took their toll on business, data showed last month. PwC has taken control of Made.com’s remaining [assets including payments made to creditors](https://www.financedigest.com/bahamas-regulator-holds-ftx-assets-pending-delivery-to-customers-creditors.html "Bahamas regulator holds FTX assets pending delivery to customers, creditors"). PwC said 4,500 [customer orders](https://www.financedigest.com/president-trump-signs-executive-orders-on-trade-and-designates-trade-and-customs-law-violations-as-law-enforcement-high-priority.html "President Trump Signs Executive Orders on Trade and Designates Trade and Customs Law Violations as Law Enforcement “High Priority”") already in the UK and Europe would be fulfilled, but many others would not. The company is a casualty of the headwinds being [faced by all retailers](https://www.financedigest.com/after-christmas-relief-uk-retailers-face-2023-reality-check.html "After Christmas relief UK retailers face 2023 reality check"), but more heavily by those selling big-ticket products,” PwC joint administrator Zelf Hussain said in a statement. Next, which trades from over 500 [stores and online](https://www.financedigest.com/the-benefits-of-developing-online-stores-through-shopify.html "The Benefits of Developing Online Stores Through Shopify"), has been picking up stakes in or acquiring smaller retailers in recent years including brands such as Victoria’s Secret UK and Reiss. ($1 = 0.8756 pounds) (Reporting by Sachin Ravikumar, additional reporting by Sarah Young and Yadarisa Shabong; Editing by Kate Holton and Mark Potter) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---