On-line vogue retailer Missguided known as directors after failing to safe a rescue supply.
Teneo’s directors have been appointed on Monday after the corporate acquired a liquidation petition from clothes suppliers who’re owed thousands and thousands of kilos.
Teneo’s Gavin Maher stated: “As we proceed to see, the retail enterprise surroundings within the UK stays extraordinarily difficult.
“The joint managers will now be seeking to finalize a sale of the enterprise and property, so there continues to be a excessive stage of curiosity from a lot of strategic patrons.”
Round 140 jobs are believed to be in danger, with The Guardian citing a supply as saying greater than 80 folks have been instantly made redundant.
Teneo stated that Missguided will proceed to commerce whereas a purchaser for the enterprise is sought.
Boohoo, a bigger on-line vogue retailer, had been in talks to purchase Missguided in a prepackage administration deal.
JD Sports activities and ASOS are additionally believed to have proven some curiosity, however no deal was reached.
Missguided was based by Nitin Passi in 2009 when he was simply 26 and has gone on to grow to be one in all Britain’s largest on-line vogue retailers, competing with ASOS and Boohoo.
Nonetheless, their journey was not with out severe difficulties, together with in 2017 when one in all their Leicester-based suppliers was charged after an undercover investigation of paying the employees lower than the minimal wage.
In 2019, she confronted scrutiny for promoting a £1 bikini however responded by saying the garment “had value us greater than £1 to provide and we’re absorbing the prices so we are able to supply it at an unbelievable worth as a present to our prospects”.
Missguided opened a handful of brick-and-mortar shops, together with one in London’s Westfield division retailer, however determined to shut them after deciding its working losses have been too nice to justify.