Online fashion firm Missguided collapses into administration
330 staff members from its Manchester base face redundancy as the fashion firm failed to secure a last-minute buyer
The fashion firm Missguided has succumbed to administration after failing to secure a last minute buyer.
The business contacted administrators from Teneo after it was handed a winding-up petition by suppliers owed millions of pounds.
The insolvency specialists are now looking to sell the business and assets of the retailer, which employs around 330 staff from its base in Manchester.
Nitin Passi founded Missguided in 2009, in light of rising demand for online fashion.
The company was hit hard by the surge in supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive fashion market.
The company began searching for a potential new buyer last month, following the resignation of Mr Passi the companies chief executive.
Gavin Maher, of Teneo, said: “As we continue to see, the retail trading environment in the UK remains extremely challenging.
“The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.
“We thank all employees and other key stakeholders for their support at this difficult time.”
Missguided was saved in a takeover by investment firm Alteri last autumn, who announced redundancies in December as part of a turnaround plan.m
Boohoo had conducted talks to purchase the business in a pre-pack administration deal, while Asos and JD Sports were also reported to have shown interest.