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Online fashion retailer, Missguided, has fallen into administration after failing to secure a rescue bid for the company.
According to the Guardian, the collapse puts approximately 140 jobs at risk, with over 80 employees having reportedly been made redundant immediately.
Teneo Financial Advisory revealed Dan Smith, Daniel Butters and Benji Dymant were appointed as joint administrators to Missguided and certain subsidiary companies on Monday (30 May) after the company was reportedly issued with a winding-up petition by clothing suppliers who are owed millions of pounds.
The administrators said Missguided will continue to trade while it seeks to complete the sale of the business and its assets.
The company was continuing to take orders on Monday but the Guardian said it was unclear whether the group’s distribution partner, GXO, was continuing to handle those orders.
Previously, online fashion specialist Boohoo had been in talks to buy Missguided, while JD Sports and Asos are also thought to have taken a look but a deal could not be finalised.
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.”
