Missguided

Administrators Teneo say Missguided will continue to trade while they seek to complete a sale of the business and assets.

Teneo said Missguided will continue to trade while a buyer of the business is sought. "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." Administrators Teneo say Missguided will continue to trade while they seek to complete a sale of the business and assets.

British women's online fashion brand Missguided has fallen into administration, a form of protection from creditors, with Teneo Financial Advisory appointed ...

The company called in administrators from Teneo on Monday after it was issued a winding-up order by supplier JSK Fashions which said it was owed millions of ...

It also inked a deal with popular reality TV show Love Island to dress its contestants. In March, the retailer launched a “comprehensive restructure of the business” after being hit by supply chain disruptions, inflation and a drop in consumer demand over the previous 18 months. He continued: “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.”

The company called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

“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. Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”. The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

The retailer was issued with a winding-up petition last week by clothing suppliers who were owed millions of pounds.

He said that without payment he may be forced to call in administrators as he had not been paid since April. Brands like Boohoo, Asos and JD Sports had been in the running to buy Missguided, but a deal could not be finalised. Some of the online retailer’s UK and overseas suppliers told The Guardian they had not been paid for months and several said they had already taken a hit in December when they were asked for a 30% discount on orders already agreed.

The fast fashion retailer allowed customers to continue placing orders as the business teetered on the brink of collapse.

Head office staff were last week instructed to stop answering the phones and to work from home. They said they were told the ailing company had been unable to find a buyer and to expect redundancies. We thank all employees and other key stakeholders for their support at this difficult time”.

Gavin Maher, a managing director of Teneo, said: “The retail trading environment in the UK remains extremely challenging,” but he added that Missguided had ...

It is just shocking.” Founded in 2009 by Nitin Passi, Missguided was among a small number of internet fashion brands to have enjoyed success at a time when shoppers increasingly turned their backs on the traditional high street. Another Leicester supplier said he was owed about £600,000 and he was not sure if the business could survive without orders from Missguided, who made up the vast majority of his work. One Leicester-based factory owner said he was owed more than £2m and had been forced to send his 90-plus workers home as he could not pay them.

The company called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

“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. Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”. The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

The retailer was issued with a winding-up petition last week by clothing suppliers who were owed millions of pounds.

He said that without payment he may be forced to call in administrators as he had not been paid since April. Brands like Boohoo, Asos and JD Sports had been in the running to buy Missguided, but a deal could not be finalised. Some of the online retailer’s UK and overseas suppliers told The Guardian they had not been paid for months and several said they had already taken a hit in December when they were asked for a 30% discount on orders already agreed.

The company called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

“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. Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”. The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

Teneo Financial Advisory was appointed yesterday to run the company, which is continuing to trade as administrators look for a buyer. Teneo says there is a high ...

The Federation of Small Businesses warned on Monday that almost half a million businesses could fail within weeks without government support. Gavin Maher, senior managing director of Teneo, says: “As we continue to see, the retail trading environment in the UK remains extremely challenging. Teneo Financial Advisory was appointed yesterday to run the company, which is continuing to trade as administrators look for a buyer.

UK-based fashion brand and digital retailer Missguided has confirmed it has appointed administrators from Teneo Financial Advisory.

Online fashion group Boohoo was recently reported to be in discussions to take charge of Missguided in a prepack administration deal. Missguided is reported to owe ‘millions of pounds’ to clothing suppliers, who have issued a winding-up petition, while some of its creditors have also applied for compulsory liquidation. The Guardian reported that the appointment comes after Missguided failed to secure a rescue bid.

Firms claiming to be owed millions of pounds said retailer ordered goods despite insolvency looming.

Suppliers, and supply chain workers are at the bottom of the pile as unsecured creditors in bankruptcy proceedings. “UK law remains silent on the financial and legal responsibilities of companies to their supply chain workers. Campaigners said some Leicester factories are entirely reliant on business from Missguided, which was founded in 2009 by Nitin Passi. He left in April, a few months after private equity group Alteri bought a controlling stake and took seats on the board. It accused Missguided of a “reckless approach” towards managing its suppliers. Another insolvency expert, Brian Burke at advisory firm Quantuma, said there was unlikely to be a “short-term fix” for suppliers owed money and any legal action would take time. Britain’s fast fashion retailers have come under huge pressure from supply chain costs and delivery delays, while battling new entrants such as China’s Shein.

Online fashion retailer Missguided has fallen into administration but will still continue to trade until a complete sale of the business is completed.

Company controlled by Mike Ashley 'delighted to secure a long-term future' for online fashion retailer.

Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider Frasers Group.” Missguided collapsed into administration on Monday after the company was issued with a winding-up petition by clothing suppliers who are owed millions of pounds, putting about 140 jobs at risk. After the deal is completed, Missguided will continue to be operated by the administrator under a transitional agreement for about eight weeks, before it becomes a standalone business within the Frasers Group.

Mike Ashley's retail empire has snapped up troubled fast fashion brand Missguided in a rescue deal.

ASOS, Boohoo, and JD Sports are thought to have also expressed interest in acquiring the online women's fashion retailer.

Frasers Group bought all of the related intellectual property of the women's fashion brand after Missguided announced on Monday it had fallen in to administration. Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse. ASOS, Boohoo, and JD Sports are thought to have also expressed interest in acquiring the online women's fashion retailer.