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Millennial furniture retailer Made.com goes bust

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British online furniture retailer Made.com says it will appoint administrators after running out of cash.

Made.com now becomes one of the first retailers to fail as a result of the squeeze on household budgets across the UK this year.

The group says it intends to appoint administrators after talks to find a buyer failed. It had already suspended customer orders last week.

The online retailer grew during the pandemic when shoppers stuck at home in lockdowns spent money on sofas, coffee tables, lamps and the other items it sold.

But its troubles began when people started returning to their workplaces and cut back on discretionary spending, hitting sales hard.

Made.com’s rapid decline – it floated less than 18 months ago with a value of 775 million pounds ($894 million) – is a warning for retailers across Britain.

End of free spending

It comes as consumers cut back on discretionary spend in the face of rising energy bills, mortgage rates and food prices.

The company’s demise is likely to lead to job losses for its staff of more than 500 people, most of whom are based in London, as well as hit suppliers who are owed money.

It also adds to the pressure on high streets, which have been struggling for years with the growth of online retailing. Retailers have faced further challenges this year from government restrictions designed to stop the spread of COVID-19 infections.

Made.com is just one of the many retailers feeling the squeeze as consumer spending slows down.

The pandemic forced people to stay home and led to an increase in online shopping, but as people start returning to work, they are cutting back on discretionary spending.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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TikTok could be banned in the United States

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TikTok in the firing line after Chinese balloon was shot down

 
China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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