On-line trend retailer Missguided calls in directors

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On-line trend retailer Missguided has known as in directors after failing to safe a rescue bid.

Directors from Teneo had been appointed on Monday after the corporate was issued with a winding-up petition by clothes suppliers who’re owed hundreds of thousands of kilos.

Teneo’s Gavin Maher stated: “As we proceed to see, the retail buying and selling setting within the UK stays extraordinarily difficult.

“The joint directors will now search to conclude a sale of the enterprise and property, for which there continues to be a excessive stage of curiosity from various strategic consumers.”

About 140 jobs are regarded as in danger, with The Guardian citing a supply as saying greater than 80 folks had instantly been made redundant.

Teneo stated Missguided will proceed to commerce whereas a purchaser of the enterprise is sought.

Boohoo, a bigger on-line trend retailer, had been in talks to purchase Missguided in a prepack administration deal.

JD Sports activities and ASOS are additionally thought to have proven some curiosity, however a deal was not made.

Missguided was based by Nitin Passi in 2009 when he was simply 26, and grew into one in all Britain’s largest online-led trend retailers, competing with the likes of ASOS and Boohoo.

Its journey was not with out critical difficulties, nonetheless, together with in 2017 when one in all its Leicester-based suppliers was accused after an undercover investigation of paying workers lower than the minimal wage.

In 2019, it confronted scrutiny over the sale of a £1 bikini, however responded by saying that the clothes merchandise had “price us extra to supply than £1 and we’re absorbing the prices so we are able to supply it at an unbelievable value as a present to our clients”.

Missguided did open a handful of bodily shops, together with one at London’s Westfield procuring centre, however determined to shut them after deciding that their working losses had been too giant to justify.

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