(Sharecast News) - Online furniture retailer Made.com announced the termination of its formal sale process on Thursday morning, given it was no longer in receipt of any possible offers.
The company had stopped taking any new orders on Wednesday, amid reports it was on the brink of collapse after rescue talks had failed to find a buyer.
"Having considered the nature of ongoing discussions with interested parties as part of the company's strategic review process, the board has concluded that there is no reasonable prospect that an offer for the issued and to be issued share capital of the company will be forthcoming and has accordingly decided to terminate the formal sales process under the Takeover Code," the board said in its statement.
"Accordingly, the company is no longer in an offer period.
"The board of Made.com will continue to look to preserve value for its creditors and shareholders as part of the ongoing strategic review and a further update will be made as and when appropriate."
At 1055 BST, shares in Made.com Group were up 14.81% at 0.62p.
Reporting by Josh White for Sharecast.com.
