Yahoo Finance Online fashion retailer Missguided calls in administrators
Missguided, the online fashion specialist, has called in administrators after failing to secure a rescue bid.
The Guardian understands that administrators from Teneo were appointed on Monday after the company was issued with a winding-up petition by clothing suppliers who are owed millions of pounds. About 140 jobs are at risk.
Boohoo, a larger online fashion specialist, had been in talks to buy Missguided in a prepack administration deal, while JD Sports and Asos are also thought to have taken a look but a deal could not be finalised.
The company was continuing to take orders on Monday but sources said it was not clear if the group’s distribution parter, GXO, was continuing to handle those orders.
Some of the online retailer’s UK and overseas suppliers told the Guardian they had not been paid for months.
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.
During the pandemic the company enjoyed rapid growth in the UK and expanded into the US, Australia, France and Germany, but has struggled recently since physical stores have reopened and spending power has been hit by the cost of living crisis.
Last autumn, the online retailer was saved from collapse when the retail investor Alteri, backed by the investment firm Apollo, stepped in and announced redundancies in December as part of a turnaround plan.
Last month, Missguided said it was looking for a new buyer as Passi stepped down as chief executive.
