23rd Sep 2022 06:41
(Alliance News) - Made.com Group PLC plans to cut more than a third of its workforce, as the online furniture retailer faces difficult market conditions, the Financial Times reported on Thursday.
In an email sent to staff last week and seen by the FT, Chief Executive Nicola Thompson said "some very difficult but necessary changes" need to be made in the face of "unprecedented levels of market disruption and prolonged market volatility".
About 35% of Made.com's workforce is likely to be let go, with those affected to leave by the end of October, the newspaper said, adding the company declined to comment.
https://www.ft.com/content/938742b7-52e0-4c5b-a243-2f54b69712cd
Made.com shares tumbled further last month after it confirmed it is "considering all options" to bolster its balance sheet, including an equity raise. The stock debuted in London in June of last year at 200 pence per share, but closed on Thursday at just 5.75p.
By Tom Waite; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
MADE.L