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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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Business

Linda Yaccarino’s first task – dealing with Elon Musk

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twitter advertising

In addition to lavish spending and hosting parties at luxury hotels, Linda Yaccarino has built a lifelong career in advertising.

You can compare this to Elon Musk, who sleeps on the couch of his friends homes.

As Twitter’s new CEO, Yaccarino replaces Musk as the company’s founder.

This new odd couple is the talk of Madison Avenue. Will they be able to work together?

This decision will determine the future of one of the most important social media companies in the world.

Since Musk took over Twitter in late October, many big-name advertisers have fled, and Yaccarino is tasked with regaining their trust.

Gwynne Shotwell, Musk’s No. 2, has long handled the day-to-day duties at SpaceX, freeing Musk up to focus on what he enjoys — like sending humans to Mars.

Yaccarino joins a company with 1,500 employees, many of them engineers and programmers who will still report to Musk as product development overseer.

Compared to her last job, Twitter’s advertising department is dramatically smaller. Over the past seven months, employees have endured rounds of layoffs and clients fleeing, partly due to Musk’s ownership changes, his content moderation changes, and his own controversial tweets.

The first major hurdle may be dealing with Musk. Perhaps Yaccarino will discover that a tightening economy, down-trodden ad market and shifting media landscape are nothing, compared to dealing with her now boss.

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Business

Can new tech hires be sustained?

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As technology companies continue to lay off staff, Australian research shows the future may be brighter

Australia has a target of delivering 1.2 million critical tech workers by 2030.

However, the sector has been battered by changes and layoffs since the pandemic came to light.

Kate Pounder is the CEO of the Tech Council of Australia, who said the pandemic changed the playbook for many companies across the sector.

“There is some evidence that there was a boom in job creation and company formation during the pandemic.”

The Tech Council of Australia recently revealed an 8 per cent increase in tech jobs last year.

It means Australia’s tech workforce is around 935,000.

“When there’s change in the labour market, you see people using that to start a business,” Ms Pounder said.

Despite the rapid layoffs across many major technology companies, Ms Pounder said for every job lost over the past quarter, 20 have been created.

“We are finding that the ease of people moving into jobs is getting a little better.

“It’s still challenging to find people in Australia, particularly for people in specialised roles,” she said.

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Tech layoffs reach their highest point in over 20 years

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There have been over 130,000 layoffs across the technology sector in the last five months

 
The technology sector was billed as the most exciting industry to work in.

Big offices, big dreams, big money were all part of the parcel for many companies attracting staff.

As many organisations caught onto the momentum of the pandemic, the same energy has not been particularly met on the other side.

Thousands of workers have since been laid off as the good times stopped rolling.

In fact, the technology sector’s layoffs are the highest since the dotcom bubble burst 22 years ago.

The BT Group is one of the latest companies cutting staff.

Fifty-five thousand have lost their jobs as part of a corporate restructure.

CEO Philip Jansen will freeze his £1.1 million salary until he retires, according to reports from Sky News.

The ground is also shifting as artificial intelligence takes hold and the economy worsens.

BT Group said it is laying off 11,000 staff because of the increased capacity for artificial intelligence in the workplace.

At the same time, companies like Apple and Goldman Sachs are among those restricting or banning the use of tools like ChatGPT amid privacy or data concerns.

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