Shares in Made.com have been suspended as the online furniture retailer moves closer to administration after failing to find a buyer.
On Tuesday, Made.com (MADE.L) announced trading in its shares on London Stock Exchange’s Main Market have been suspended and stated its intent to appoint administrators.
The company now has 10 days of breathing space to find new suitors or protection from its creditors.
Made.com was listed on the London Stock Exchange in June 2021 with a market capitalisation of £775m ($893m).
However, its share price has fallen over the past year by nearly 200%, now slumped to 0.52p, from a high of 204p.
According to the BBC, the company's board said it was still "exploring every option available" to stay afloat.
The source that spoke to the BBC said this included the sale of all or part of the business.
"They are hopeful they can make some progress," the source added.
If the company goes into administration then nearly 700 people could face job losses.
Last week, Made.com announced that after talks with several parties it was unable to find a buyer to secure its future.
The news came after the online retailer issued a warning that it was considering cuts to staffing numbers and would need £70m in funding over the next 18 months, as part of a rescue plan
After warning that its cash reserves could run out if further funding could not be raised, Made.com has now stopped taking new orders.
Last week the company said: “Following further discussion, those parties have all now confirmed to the Company that they are unable to meet the necessary timetable.
"As a result, those discussions have been terminated and the Company is no longer in receipt of funding proposals or possible offers.”
The business was co-founded by Ning Li and Brent Hoberman in 2010 with the idea of sourcing furniture directly from designers and manufacturers and then selling to online consumers via the Made.com website.
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