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Online fashion retailer Missguided calls out administrators | Retail business




Missguided, the online fashion specialist, has appealed to administrators after failing to secure a bailout offer.

The Guardian understands Teneo’s directors were appointed on Monday after the company received a liquidation petition from clothing suppliers who owe millions of pounds. Around 140 jobs are at risk.

Boohoo, a major online fashion specialist, was in talks to buy Missguided in a prepackage administration deal, while JD Sports and Asos were also reportedly eyeing a deal, but no deal could not be finalized.

The company was continuing to take orders on Monday, but sources said it was unclear whether the group’s distribution partner, GXO, was continuing to handle those orders.

Some of the UK’s online retailers and overseas suppliers told the Guardian they had not been paid for months.

Founded in 2009 by Nitin Passi, Missguided was one of a handful of internet fashion brands to find success at a time when shoppers were increasingly turning their backs on the traditional high street.

During the pandemic, the business has grown rapidly in the UK and expanded into the US, Australia, France and Germany, but has struggled recently since physical stores reopened and power purchasing was affected by the cost of living crisis.

Last fall, the online retailer was saved from collapse when retail investor Alteri, backed by investment firm Apollo, stepped in and announced layoffs in December as part of a plan to recovery.

Last month Missguided said it was looking for a new buyer as Passi stepped down as chief executive.




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