(Sharecast News) - Clothing and homeware retailer Next has agreed to buy Made.com out of administration for £3.4m.
The collapsed online furniture retailer said on Wednesday that administrator PricewaterhouseCoopers has entered into an agreement with Next to buy its brand, domain names and intellectual property.
Other remaining assets will be realised by the administrators in due course and payments made to creditors in accordance with the statutory priority, Made said.
Chair Susanne Given said: "Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders.
"We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone."
Russ Mould, investment director at AJ Bell, said: "The deal shows that there was nothing wrong with the proposition as such, just the way the business was run.
"As Made.com CEO Nicola Thompson observed in a candid statement that the company could not survive in a world where there wasn't stable demand, low inflation, and a cost-efficient global supply chain.
"Next has the scale, experience and retail savvy to adapt to changing economic circumstances and it has done so successfully in the past, suggesting it can turn Made.com into a successful and lucrative brand."
Next (NXT)