Kate Bush is still running up that hill!
31.05.2022 - 15:53 / ok.co.uk
Missguided has appointed administrators after suppliers filed to shut it down over unpaid debts of millions of pounds.The fashion brand called in Teneo Financial Advisory on Monday 30 May to sell its business and assets after clothing supplier JSK Fashions issued a winding-up petition on 10 May. According to The Guardian, 140 jobs are thought to be at risk, while a source told the publication that over 80 people have already been made redundant.
It's been said that Boohoo had been in talks to buy the company, while Asos and JD Sports had also shown interest in Missguided, but couldn't settle on a deal. Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter Teneo has confirmed Missguided will continue to function until a complete sale of the business and its assets are finalised.
Managing director of Teneo, Gavin Maher, said: “The retail trading environment in the UK remains extremely challenging." Despite this, Maher explained that Missguided had “a high level of interest from a number of strategic buyers”. Maher thanked the staff and other key stakeholders at the company for their "support at this difficult time".
Missguided was first founded back in 2009 by Nitin Passi when he was just 26 years old and it soon grew to compete against larger fashion retailers, including Boohoo and Pretty Little Thing. However, it appears the business has struggled to keep on its feet for the last few years and even had to be rescued from going under by finance firm Alteri Investors in 2021.
While Nitin founded the company, he has not been CEO since April last year when he stepped down and hired Teneo to look into "strategic options" for its future. Become an OK! VIP and see all our
.Kate Bush is still running up that hill!
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Missguided has fallen into administration after failing to secure a last-minute buyer - putting over 300 Manchester based jobs at risk.