How bitter: furniture group is insolvent - and the customers get no money back
Created: 01/12/2023 08:41
By: Vivian Werg
After the insolvency of a furniture manufacturer, customers go away empty-handed (symbolic image) © Huber Starke/ Imago
Thousands of customers of a popular furniture manufacturer have lost their money: the insolvent company cannot finance their repayments.
Kassel – Bad news for customers who have ordered goods from the well-known British online furniture shop made.com based in London.
As
The Guardian
reports, around 30,000 people affected will not receive any refunds for goods that have already been ordered and not delivered.
made.com officially announced its bankruptcy back in November last year.
The auditing company PricewaterhouseCoopers (PwC) had taken over the handling of the insolvency proceedings.
A document has now revealed that the insolvent manufacturer's funds will not be sufficient to make the repayments to the affected customers.
According to the report, the total amount of damage is the equivalent of around 13.5 million euros.
Insolvent furniture company made.com pays off major lenders
It has now become known that the British fashion group Next
bought the made.com brand and database for around 3.8 million euros.
The main lender, Silicon Valley Bank, is supposed to receive the full amount, unlike the 30,000 customers.
Made.com CEO Nicola Thompson apologized to customers, employees, suppliers and shareholders in a statement.
For the past several months, the company has "fought tooth and nail to quickly adjust the cost base, transform the sourcing and inventory model, and use every possible avenue to raise new funding and avoid this outcome."
Most recently, made.com had 573 permanent employees.
PwC announced that more than 300 employees have already been laid off as part of the bankruptcy.
After Hülsta, Made.com is the second furniture group to file for bankruptcy within a short space of time.
(Vivian Werg)