Retailer Missguided on brink of calling in administrators & More Trending News

 

The on-line clothes retailer Missguided is teetering on the brink of collapse after being issued a winding-up petition by clothes suppliers who’re owed hundreds of thousands of kilos.

The quick vogue firm, which made headlines with its £1 bikini three years in the past, is known to be near calling in administrators from the insolvency specialists Teneo as early as Monday.

Police had been referred to as to the retailer’s Manchester headquarters after suppliers turned up earlier this week demanding overdue funds be made, the i newspaper reported.

A winding-up petition was issued on 10 May in opposition to Missguided by the Manchester-based clothes provider JKS Fashions. Creditors have utilized for obligatory liquidation, and a Manchester court docket is because of hear the case in July.

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The newspaper stated three suppliers for Missguided warned they had been in danger of going bankrupt as a result of of excellent funds.

The Guardian understands some UK and abroad suppliers haven’t been paid for months.

Last autumn, the web retailer was saved from collapse when the retail investor Alteri, backed by funding agency Apollo, stepped in. Alteri introduced redundancies in December as half of a turnaround plan. Last month, Missguided stated it was in search of a brand new purchaser, as its founder, Nitin Passi, stepped down as chief govt. JD Sports and the Chinese-backed vogue retailer Shein have been linked with potential bids.

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Missguided employed Teneo to evaluate strategic choices final month and it’s now understood that the company advisory agency would oversee any insolvency course of.

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The firm stated: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.

“A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to a provide an update on progress of that process in the near future.”

Founded in 2009 by Passi, Missguided was amongst a small quantity of web vogue manufacturers to have loved success at a time when the standard excessive road is on its knees. The firm loved speedy progress in the UK and expanded into the US, Australia, France and Germany, however has struggled just lately. The £1 bikini was being offered at a loss as a advertising and marketing stunt.

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