Made.com will go into administration on Monday or Tuesday after failing to find a buyer.
Most of the staff in the UK are expected to lose their jobs.
Thousands of customers are unsure if they will get a refunds for outstanding orders.
Next is said to be the favorite to buy the Made brand.
The intellectual property associated with the collapsed firm is likely to be sold by the administrators.
The legal process for Made.com appointing administrators is expected to begin in the coming days.
Made.com was established in 2011 to offer affordable yet high-end furniture online and once said it wanted to be the new Ikea.
Most of the customers of the retailer were younger. When it was floated on the London Stock Exchange last year, it was valued at £775m, due to the increase in sales of furniture and other goods online.
The company had problems as households cut back on big-ticket purchases. Customers are waiting months for delivery because of global supply chain issues.
In September, the firm said it was looking for an investor to keep the business going.
Its shares were suspended last week after it warned that it was running out of money.
Last week, the firm's co- founder said that the business had gotten caught out holding massive inventory at the wrong time.
He said there were questions to be asked about how money raised by Made's stock exchange listing last year had been spent.
Some customers were told their orders had been canceled after they complained that furniture was not being delivered. Made apologized on its website for the situation.
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