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Online fashion retailer Missguided calls in administrators | Retail industry

Missguided, the web fashion specialist, has known as in administrators after failing to safe a rescue bid.

The Guardian understands that administrators from Teneo had been appointed on Monday after the company was issued with a winding-up petition by clothes suppliers who’re owed thousands and thousands of kilos. About 140 jobs are in danger.

Boohoo, a bigger on-line fashion specialist, had been in talks to purchase Missguided in a prepack administration deal, whereas JD Sports and Asos are additionally thought to have taken a glance however a deal couldn’t be finalised.

The company was persevering with to take orders on Monday however sources stated it was not clear if the group’s distribution parter, GXO, was persevering with to deal with these orders.

Some of the web retailer’s UK and abroad suppliers advised the Guardian that they had not been paid for months.

Founded in 2009 by Nitin Passi, Missguided was amongst a small variety of web fashion manufacturers to have loved success at a time when buyers more and more turned their backs on the standard excessive road.

During the pandemic the company loved fast development in the UK and expanded into the US, Australia, France and Germany, however has struggled not too long ago since bodily shops have reopened and spending energy has been hit by the price of dwelling disaster.

Last autumn, the web retailer was saved from collapse when the retail investor Alteri, backed by the funding agency Apollo, stepped in and introduced redundancies in December as a part of a turnaround plan.

Last month, Missguided stated it was on the lookout for a brand new purchaser as Passi stepped down as chief government.

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