British online furniture store Made.com nears collapse
Made.com, the British online furniture store, was on the brink of collapse Wednesday, less than 18 months after a stock market flotation thanks to soaring demand during the COVID pandemic.
The London-listed group's shares were trading at under a penny after crashing more than 90 per cent Tuesday, leaving the company valued at below £2 million ($2.3 million).
Made.com, which floated in June last year with a market value of £775 million, has failed to secure a rescue deal after being hammered by a slump in consumer spending and supply chain disruptions.
"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," Made.com said in a statement on Tuesday.