The firm, which enjoyed soaring sales during Covid lockdowns, hit problems as households cut back and has appointed PWC as the administrator.
High street and online retailer Next, has bought the brand name Made.com and the Intellectual Property, and there is some hope that this could save a number of jobs.
Only last year, the company was valued at £775m after its LSE float, but a combination of supply chain issues and consumer spending changes has contributed to its downfall.
A stark reminder of how quickly fortunes can change.