Online Mattress Retailer Struggles to Secure Buyer Amid Economic Downturn
- Eve Sleep appoints Kroll Advisory as administrator after failing to secure a buyer
- Company’s share prices dropped more than 90% this year
- Made.com enters talks for rescue deal by end of month
- Made.com implements cost-cutting measures since start of 2022
Mattress company Eve Sleep has appointed Kroll Advisory as its administrator after failing to secure a buyer, with CEO Cheryl Calverley stating that the business lacked the scale to continue as an independent entity. The company’s share prices plummeted more than 90% this year and received offers from potential buyers that did not progress past due diligence. Online furniture retailer Made.com, which operates Eve Sleep, is also in talks for a rescue deal by the end of October. To preserve finances, Made.com has limited inventory purchasing, implemented a hiring freeze, and reduced capital expenditure. CEO Calverley expressed disappointment at having to terminate the formal sale process due to market conditions.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Eve Sleep’s appointment of an administrator and the company’s efforts to secure a buyer. It also includes relevant details about the market conditions and actions taken by Made.com to preserve its finances.
Noise Level: 3
Noise Justification: The article provides relevant information about Eve Sleep’s financial struggles and its decision to appoint an administrator, as well as Made.com’s efforts to secure a rescue deal. It also includes quotes from the CEO of Eve Sleep and updates on the situation at Made.com. The article is focused on the topic and supports its claims with specific details about the company’s actions and challenges. However, it lacks in-depth analysis or exploration of broader trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: Eve Sleep and Made.com
Financial Rating Justification: The article discusses the financial struggles of mattress company Eve Sleep, its failed attempts to secure a buyer, and the impact on its share prices. It also mentions Made.com’s efforts to secure a rescue deal and measures taken to preserve finances. Both companies are in the furniture retail sector, which can affect financial markets and their respective companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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