Often wonder why when people come in to buy companies, they reject it and would rather go bust.
I’m assuming because in some way they stand or the creditors stand to make more money that way?
I’m not surprised at the news, I’ve only ever seen Made via social media advertisements and the furniture seemed mega expensive for what it was.
Shame. More jobs on the scrap heap at the worst time in recent memory economy wise & just before Christmas.
there are some interesting bits in the article
>However, the company’s co-founder and former boss said his offer to buy the furniture business was rejected.
>Ning Li said he had offered to buy Made with his own cash, saving about 100 jobs, but this “wasn’t accepted”.
what were the current owners waiting for? this guy is obviously their best hope of the business staying open and having a shot at a future. Is it really that they wanted more money for a business they could not run?
It makes me think of HMV, yeah it crash and burned, and you WANT to sell it to someone who will keep the vast majority of stores open. However its now owned by HMV Canada, and they kept the stores they knew they could make work. HMV is still going.
Its almost that “growth as default” idea alot of business has. They would rather the whole company die, than shrink it by 70 – 80%, even if that smaller company, can survive on its own.
>The fashion and furniture retailer Next is buying the Made.com brand name, website and intellectual property.
this makes me think of the Debenhams, in the end all that is left is some IP and a “trading mask” for another company. Boohoo ended up buying some clothing brands, and a brand named website, more familiar to people outside of their current demographic.
Of course unlike Debenhams made.com never had any stores to start with, so that is all they really had.
i remember looking on there to buy something random like a mirror or table and the delivery was going to take 8 weeks. don’t think i went back to it after that.
>Next is buying Made’s brand name, website and intellectual property for £3.4m, although it will not be buying the remaining stock.
Which means the staff won’t be re-hired either most likely
£775m valuation at IPO seemed absolutely batshit crazy at the time.
Feels like another business that grew too fast, burning through cash before looking to the next funding round.
I just assume that the people who owned and ran the business are going to come away from this dumpster fire of a mess with a nice, fat, healthy pocket, indeed.
They always make out well, while their now former employees end up on the scrapheap, in the shit, desperately trying to find a new job so they can pay their increasing bills.
shame for those workers, but a company purely serving the middle class so I’ll pass any real interest
7 comments
Often wonder why when people come in to buy companies, they reject it and would rather go bust.
I’m assuming because in some way they stand or the creditors stand to make more money that way?
I’m not surprised at the news, I’ve only ever seen Made via social media advertisements and the furniture seemed mega expensive for what it was.
Shame. More jobs on the scrap heap at the worst time in recent memory economy wise & just before Christmas.
there are some interesting bits in the article
>However, the company’s co-founder and former boss said his offer to buy the furniture business was rejected.
>Ning Li said he had offered to buy Made with his own cash, saving about 100 jobs, but this “wasn’t accepted”.
what were the current owners waiting for? this guy is obviously their best hope of the business staying open and having a shot at a future. Is it really that they wanted more money for a business they could not run?
It makes me think of HMV, yeah it crash and burned, and you WANT to sell it to someone who will keep the vast majority of stores open. However its now owned by HMV Canada, and they kept the stores they knew they could make work. HMV is still going.
Its almost that “growth as default” idea alot of business has. They would rather the whole company die, than shrink it by 70 – 80%, even if that smaller company, can survive on its own.
>The fashion and furniture retailer Next is buying the Made.com brand name, website and intellectual property.
this makes me think of the Debenhams, in the end all that is left is some IP and a “trading mask” for another company. Boohoo ended up buying some clothing brands, and a brand named website, more familiar to people outside of their current demographic.
Of course unlike Debenhams made.com never had any stores to start with, so that is all they really had.
i remember looking on there to buy something random like a mirror or table and the delivery was going to take 8 weeks. don’t think i went back to it after that.
>Next is buying Made’s brand name, website and intellectual property for £3.4m, although it will not be buying the remaining stock.
Which means the staff won’t be re-hired either most likely
£775m valuation at IPO seemed absolutely batshit crazy at the time.
Feels like another business that grew too fast, burning through cash before looking to the next funding round.
I just assume that the people who owned and ran the business are going to come away from this dumpster fire of a mess with a nice, fat, healthy pocket, indeed.
They always make out well, while their now former employees end up on the scrapheap, in the shit, desperately trying to find a new job so they can pay their increasing bills.
shame for those workers, but a company purely serving the middle class so I’ll pass any real interest