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Online furniture firm Made.com is reviewing potential job cuts and a possible sale after the business was hammered by a slump in consumer spending as well as supply chain disruption.
The company told shareholders on Friday it is conducting a “strategic headcount review” as part of a broader review as it seeks to slash costs.
It follows reports by the Financial Times that the business could axe up to 35% of its workforce.
Made said the review of worker numbers will take place “within the next few weeks”.
Made.com employs around 700 staff and has offices in London, Paris, Berlin, Amsterdam, China and Vietnam.
The company also said it is considering a formal sale process as part of the wider review and has hired advisers from PwC to help with the potential process.
It confirmed it has spoken to potentially interested parties but has not yet received any formal approaches.
“While the group has had a number of strategic discussions with interested parties, the group is not in receipt of any approaches, nor in discussions with any potential offeror, at the time of this announcement,” Made said in a statement.
“The board emphasises that a sale of the group is only one of a number of strategic options to be considered under the strategic review.
“Another option under consideration is to seek a strategic investment in the group.”
The process comes after a tough 15 months since Made floated on the stock market in London.
The group withdrew its trading guidance for the current financial year as it blamed a decline in discretionary consumer spending stemming from soaring inflation and weaker consumer confidence.
It said this increased the need to sell products at a discount after a build-up of stock, which hit profit margins.
It also blamed recent troubles on disruption in its supply chains, which has caused “reduced reliability and increased costs”.
Made highlighted that freight costs jumped from £8.2 million in the second half of 2020 to £45.3 million over the same period a year later.
Nicola Thompson, chief executive of Made, 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.”
The market for digital downloads is buzzing and the virtual goods platform Gembyte has set its sights on the Asian region. Digital downloads merchant Gembyte gearing up in Asia Digital downloads merchant Gembyte gearing up in Asia TALLINN, Estonia, Sept. 23, 2022 (GLOBE NEWSWIRE) — The Estonian digital downloads merchant Gembyte is announcing that it will start accepting customers from the wider Asian market, including Japan. The company will first begin accepting customers in selected jurisdic
MADRID (Reuters) -Spanish GDP grew faster in the second quarter than originally estimated, compared with the prior quarter, reflecting a healthy Easter rebound from the winter months and a more robust export rise, data from the National Statistics Institute showed on Friday. Economy Minister Nadia Calvino attributed the first quarter contraction to "the impact of the pandemic, transport walkouts and the start of Russia's war in Ukraine". Growth in the second quarter was supported by external demand, with year-on-year export growth of more than 23%.
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The INVL Renewable Energy Fund I managed by INVL Asset Management continues actively investing in Romania, where it has signed two agreements for the acquisition of six solar projects with a total capacity of 102.7 megawatts (MW). After the transactions, the INVL Renewable Energy Fund I portfolio of projects under development in Romania has increased to 268.7 MW. All solar projects in the fund’s portfolio already have approved grid connection terms. The fund’s overall investment potential in Rom
STOCKHOLM (Reuters) -Swedish airline SAS has been fined by the Stockholm bourse's disciplinary committee over the way it handled information about a pilot strike on July 4. SAS said on Friday reporters waiting outside the building where talks on the dispute were taking place were told about the breakdown of the negotiations and the strike a few minutes before the company issued an official statement on these developments. The airline said Nasdaq Stockholm, which operates the Stockholm stock exchange, had imposed a fine corresponding to three times SAS's annual fee to the exchange.
BT is demanding staff return to the office three days a week as it is “fundamental to the success of the business”, in the latest sign of a boardroom backlash against working from home.
Major players in the industrial land planning and development market include Opus Group, ProLogis, Panattoni Development Co. , IDI, and Duke Realty Corp. The global industrial land planning and development market is expected to grow from $10.New York, Sept. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Industrial Land Planning And Development Global Market Report 2022" – https://www.reportlinker.com/p06320393/?utm_source=GNW 08 billion in 2021 to $11.73 billi
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The German government is in talks about providing urgent financial support for scores of regional state-owned energy providers which are struggling to cope with soaring gas prices, three sources familiar with the matter said. They are under increasing strain from rocketing energy prices and have been appealing to central government for support, potentially adding to the country's huge bill after it stepped in with 29 billion euros ($28.59 billion) to bail out energy trader Uniper this week. Ingbert Liebing, head of the German association of local utilities, VKU, who has previously warned about insolvencies in the sector, said they could need tens of billions of euros.
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Investments of more than half a trillion euros will be needed to modernise Europe's energy grid this decade, if countries are to succeed in ramping up wind and solar power to break free from Russian gas, a draft EU document showed. The European Commission is set to publish next week a plan to "digitalise" Europe's energy system, as well as laying out new emergency measures to tame sky-high gas prices and help cash-strapped energy firms this winter. The draft plan, seen by Reuters, said electricity grid investments of 584 billion euros are needed until 2030, to support the planned rapid uptake of electric vehicles, renewable energy and heat pumps, and shift away from fossil fuels.
Major players in the salt mining market include China National Salt Industry Corporation (Cnsic), AkzoNobel N V, Infos, K+S, and Rio Tinto Plc. The global salt mining market is expected to grow from $26.New York, Sept. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Salt Global Market Report 2022" – https://www.reportlinker.com/p06320357/?utm_source=GNW 98 billion in 2021 to $28.36 billion in 2022 at a compound annual growth rate (CAGR) of 5.1%. The salt mining
The City of London will be able to compete better with Paris and Frankfurt for jobs and investment after the cap on banker bonuses is scrapped, Kwasi Kwarteng said as he mounted a robust defence of the controversial move.
Key points: Kwasi Kwarteng reveals plan for tax cuts in mini-Budget Mini-Budget 2022 winners and losers All remaining EU laws to be scrapped or replaced by end of next year FTSE 100 slumps 2pc; Pound crashes close to all-time low Ambrose Evans-Pritchard: Overzealous central banks are making another horrible mistake, so batten down the hatches Sign up here for our daily business briefing newsletter