UK’s Made.com to cut jobs and launch strategic review
(Reuters) -British online furniture retailer Made.com said on Friday it would cut jobs, conduct a strategic review, including a formal sale process, and withdraw its full year forecast due to “challenging” market conditions.
Made.com would cut back costs by laying off staff within the next few weeks, it said in a statement. It didn’t immediately disclose the number of employees that would be laid off.
The company, which made its London market debut in June last year, said it has had to sell goods on discount to slash inventories, which hurt margins and cash position.
(Reporting by Amna Karimi in Bengaluru; Editing by Dhanya Ann Thoppil)