Missguided fast-paced vendor on the verge of collapse after he was issued a petition to eliminate
The seller of fast fashion Missguided is on the verge of collapse after receiving a petition for liquidation.
According to sources, he may call the administrators on Monday.
A petition for liquidation was issued against him on May 10 by Manchester-based supplier JSK Fashions.
The end ?: Missguided was founded by Nietzsche Passy (pictured, center) in 2009 with a loan of £ 50,000 from his father
Missguided was founded by Nitin Passy in 2009 with a loan of £ 50,000 from his father.
It has been hit hard by supply chain problems, rising freight prices and competition from Boohoo and Chinese company Shein.
Missguided was rescued last fall by financial company Alteri Investors. Insolvency experts are advising Alteri about options for the future.
Once launched, Missguided, which three years ago made headlines for its 1-pound bikini, quickly grew to become one of the UK’s largest retailers, benefiting from celebrity recommendations on social media.
The company said: “The process of identifying the buyer with the necessary resources and platform for the business began in April, and we expect an update soon.”
The Missguided fast fashion retailer is on the verge of collapse
Source link The Missguided fast fashion retailer is on the verge of collapse