Saturday, 10 December, 2022

British online furniture store collapses

British online furniture store collapses

Popular News

LONDON:, the British online furniture store, confirmed its collapse Wednesday, less than 18 months after a stock market flotation thanks to soaring demand during the Covid pandemic.

UK clothing-to-furniture giant Next is to buy the failed group's brand, websites and intellectual property but the future of employees -- numbering around 600 -- was unclear, reports AFP. floated in June last year with a market value of o775 million ($896 million), after which it was hammered by a slump in consumer spending and supply chain disruptions.

"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," chairwoman Susanne Given said in a statement Wednesday.

The company has formally entered administration, a process whereby an outside body, in this case PricewaterhouseCoopers, seeks to salvage parts of the business.