Online fashion retailer Missguided has turned on administrators after failing to receive a rescue offer.
Teneo’s administrators were appointed on Monday after the company was presented with a winding-up motion from clothing suppliers owed millions of pounds.
Teneo’s Gavin Maher said: “As we continue to see, the retail environment in the UK remains extremely challenging.
“The joint administrators will now seek to complete a sale of the business and assets which has continued to attract a high level of interest from a number of strategic buyers.”
About 140 jobs are believed to be at risk, with The Guardian citing a source as saying more than 80 people were immediately made redundant.
Teneo said Missguided will continue to trade while a buyer for the deal is sought.
Boohoo, a major online fashion retailer, had been in talks to buy Missguided under a prepack administration deal.
JD Sports and ASOS are also said to have expressed an interest but no deal has been reached.
Founded in 2009 by Nitin Passi when he was just 26, Missguided has grown into one of the UK’s largest online fashion retailers, competing with the likes of ASOS and Boohoo.
However, his journey was not without serious difficulties, including in 2017 when one of his Leicester-based suppliers was accused following an undercover investigation paying workers below minimum wage.
In 2019 it was investigated over the sale of a £1 bikini but responded that the item of clothing “cost us more than £1 and we are paying the cost so we can offer it at an incredible price as a gift to ours.” Customers”.
Missguided did open a handful of physical stores, including one in London’s Westfield shopping centre, but decided to close them after it was decided their operating losses were too great to justify.
Online fashion retailer Missguided calls admins | business news
Source link Online fashion retailer Missguided calls admins | business news