Online mattress retailer Eve Sleep has called in administrators due to what its CEO describes as an 'economic tsunami' of shrinking share prices and slow sales.
Read on for the details of what will happen next, what you can do if you've recently bought a product from Eve Sleep, and what your rights are when a company you've bought a product from goes into administration.
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What's happened to Eve Sleep?
In June 2022, Eve Sleep said it was seeking out a buyer or new investor. This was amid a market-wide downturn of home furnishings online sales, with Eve Sleep warning it would miss out on revenue targets for the year. The company said it had received 'a number of indicative offers', but none had progressed past its due diligence process.
Now its financial position has reached a point where administrators have been called in to take control of the company and look for possible ways to save it.
Eve Sleep's CEO Cheryl Calverley said: 'It is heartbreaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators.'
At the time of publishing, Eve's sales website is shut down, and there is no contact information listed on it. We tried Eve's phone line, but it was also switched off at the time of publishing.
What should I do if I've bought something from Eve?
Eve Sleep has suspended sales of its products and its online store is currently closed, with no listed means of communication.
Once administrators are formally appointed, we'll find out from them the details of how they'll handle outstanding orders, refunds, returns and gift cards. We are in contact with the administrators and will update this story as soon as we find out.
Unfortunately, this means that for now, Eve Sleep customers will have to sit tight and wait for the administrators to act after taking full control of the company.
What are my rights when a retailer goes into administration?
Administration is tricky to navigate for companies but it can be even more uncertain for customers, with information on your rights hard to come by.
Unfortunately, those rights are limited when a company goes bust, as administrators are technically allowed to stop honouring returns and gift cards.
If you have an order with Eve Sleep that will now not be fulfilled, or you want to return a defective or unwanted product but are now unable to, you can make a claim with your bank to try and get your money back.
- If you paid by credit card and spent more than £100, you can make a claim with your credit provider under Section 75 of the Consumer Credit Act.
- You can make a chargeback claim with your bank if you paid by debit card.
- You can make a claim in writing to the administrator about undelivered orders or a return explaining what you're owed and what for, but there are no guarantees that this will secure you a refund.
Visit our What can I do if a retailer goes into administration? page for further information and help on what you're entitled to.
source https://www.which.co.uk/news/article/eve-sleep-calls-in-the-administrators-what-to-know-and-what-to-do-aabU68Q0DAwN