Trendy home furnishing giant Made.com says it will appoint administrators after to failing to find a new buyer.
The move, which ends a long survival battle complete with job cuts and falls in profit for the Shoreditch business, puts almost 700 employees at risk.
The company, which formed in 2011, failed to find £70 million in emergency funding to secure its future.
Downturn in purchases
It had previously been up for sale in September after a major downturn in customer purchases took its toll, amidst the cost of living crisis.
The retailer, which only last year was valued at £775 million, had stopped taking customer orders and paused returns.
It aims to fulfil orders it has already received but is not offering refunds at this stage.
Administrators seeking a sale
Made said the administrators Pricewaterhouse Coopers, would still seek to secure a sale of the firm.
In May, the retailer warned losses could be as much as £35 million for 2022.
The retailer was originally founded by former Lastminute boss Brent Hoberman and investor Ning Li along with several other financiers who have since left the company.
Only a few days ago, Eve Sleep, a mattress company in Camden, entered administration after failing to find a takeover.
