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Made.com to axe over a third of its workforce as it mulls company sale


Made.com has withdrawn its full-year guidance and said it will conduct a strategic review of its future options
Made.com has seen its share value plunge over the past year.
// Made.com is reviewing potential job cuts and a possible sale after the business was hammered by a slump in consumer spending
// The company said it is conducting a “strategic headcount review” as part of a broader review as it looks to cut costs

Made.com has withdrawn its full-year guidance and said it will conduct a strategic review of its future options, including job cuts and possible sale of the business as it looks for fresh capital.

The furniture business said in a statement this morning it would start cutting back costs by laying off staff within the next few weeks after soaring costs hit its supply chains and inflation hampers consumer confidence.

Made said the review of worker numbers will take place “within the next few weeks”  while it is not clear how many employees will be impacted by the cull.

It follows reports by the Financial Times that the business could axe up to 35% of its workforce.

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The company has also drafted in advisers from PwC to help with the potential sale process just a few months after it issued a profit warning and slashed its sales and earnings outlook for this year.

Bosses forecast a core loss of £50m to £70m, versus previous expectations of a loss of £15m to £35m.

Chief executive Nicola Thompson said: “Made is not alone in being hit by problems in the supply chain and the cost of living squeeze but we are taking actions to ensure our continued success, supported by our strong brand, an excellent product range and a large and loyal customer base in multiple markets.”

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