Made.com has entered administration with the loss of all 573 jobs in the business, leaving thousands of customer orders hanging in the balance.
There was initially no news on how many, if any, workers would be saved when it was confirmed that the online furniture retailer's operating subsidiary had officially collapsed and that rival Next had snapped up the brand, its website and intellectual property.
Administrators at PricewaterhouseCoopers (PWC) later revealed that 320 people had been made redundant so far while 79 others, who had already been working notice periods, were also immediately let go.
It is understood that the rest were being retained for a short period to assist the transition.
PwC was beginning the task of selling the company's other assets and paying off its debts to creditors.
Administrators said of the prospects for outstanding orders: "Close to 4500 customer orders in the UK and Europe which are already with carriers are being delivered.
"However, a large proportion of customer orders are still at origin in the Far East at various stages of production.
"Due to the impact of the business entering administration, these items cannot be completed and shipped to customers."
Those worried about their orders are being urged to contact administrators while financial experts urged anyone losing out to make refund claims through their card or credit providers.
The parent firm's stock market listing was expected to be cancelled, just over a week after trading in Made.com shares was suspended.
Chief executive Nicola Thompson said: "I would like to sincerely apologise to everyone - customers, employees, supplier partners, shareholders and all other stakeholders - impacted as a result of the business going into administration.