Missguided calls in administrators
Online fashion retailer Missguided has appointed administrators after failing to finalise a rescue bid.
The news follows the issue of a winding up petition by clothing suppliers who, according to The Guardian, are owed millions of pounds.
The retailer has appointed Teneo Financial Advisory to oversee the process to sell the company. In the meantime, Missguided will continue to trade while Teneo seeks a buyer.
Around 140 jobs are understood to be at risk.
Teneo said Missguided had struggled against increased supply chain costs, general cost inflation, a weakened consumer market and an increasingly competitive market.
Gavin Maher of Teneo added: “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.”
Last week, it was reported that Boohoo was preparing to rescue the business in a pre-pack deal.
