Missguided collapse

2022 - 5 - 27

Post cover — Image courtesy of "The Guardian"

Retailer Missguided on brink of calling in administrators (The Guardian)

The online clothing retailer Missguided is teetering on the brink of collapse after being issued a winding-up petition by clothing suppliers who are owed ...

Last month, Missguided said it was looking for a new buyer, as its founder, Nitin Passi, stepped down as chief executive. The £1 bikini was being sold at a loss as a marketing stunt. Last autumn, the online retailer was saved from collapse when the retail investor Alteri, backed by investment firm Apollo, stepped in.

Fashion retailer Missguided said to be 'on brink of collapse' (ChronicleLive)

Angry suppliers and factory owners claim they are 'facing bankruptcy' due to outstanding payments from the clothing giant.

But ASOS didn’t buy the hundreds of physical shops as part of the deal but you can still shop at Topshop, Topman and Miss Selfridge online on ASOS’ website. Online retailer Boohoo swooped in during April 2021 and purchased all three brands and websites as part of a £25.3million. However, Boohoo didn’t buy the physical shops, which meant 214 stores closed forever. ASOS bought Topshop, alongside Topman and Miss Selfridge in April 2021 as part of a £330million deal to save the brands. Missguided told the Retail Gazette: "Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this. The fashion label has gained notoriety after its trouser suits were worn by Princess Diana and former Prime Minister Theresa May. Its flagship Mayfair store has closed but it continues to trade online. In December, the company made a series of redundancies to try keep afloat.

Fast fashion brand Missguided on brink of collapse (The Independent)

The online fashion giant is understood to be arranging administrators from Teneo for a potential insolvency process.

“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 spokesperson for the company said. Start your Independent Premium subscription today. By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

Missguided on the brink of collapse with suppliers owed millions (Manchester Evening News)

The company hired Teneo "to explore strategic options for the business" in April but has now been issued a winding-up petition by suppliers who are owed ...

A spokesman for the company said: "Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this. Missguided was founded by Nitin Passi in 2009 and sold a 50% stake to Alteri Investors towards the end of 2021. The Manchester-headquartered business is now understood to be lining up administrators from Teneo for a potential insolvency process.

Missguided on brink of collapse after 'leaving suppliers millions out ... (Mirror.co.uk)

Missguided is said to be close to calling in administrators, with insolvency specialists Teneo in line to handle the process. A winding up petition was ...

In its most recently available accounts, for the 12 months to the end of March 2020, the company achieved a turnover of £201.9million and pre-tax losses of £8.2million. “A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.” A spokesperson for Missguided told the i: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.

Missguided on the brink of collapse a month after cutting jobs and ... (Business Live)

The Manchester-headquartered company appointed Teneo "to explore strategic options for the business" in April but has now been issued a winding-up petition by ...

In its most recently available accounts, for the 12 months to the end of March 2020, the company achieved a turnover of £201.9m and pre-tax losses of £8.2m. "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." A spokesman for the company said: "Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.

Missguided fashion retailer on verge of collapse (BBC News)

The fast fashion brand could call in administrators as early as Monday, the BBC has been told.

A Missguided spokesperson said: "Missguided is aware of the action being taken by certain creditors of the company in recent days and is working urgently to address this. It has since shut all its physical shops in the UK, saying they cost more to run than they brought in. The idea is the firm's assets are sold and those who are owed money will be paid.

Missguided fashion retailer on verge of collapse (BBC News)

The fast fashion brand could call in administrators as early as Monday, the BBC has been told.

Missguided, indeed! The fast fashion behemoth is reportedly facing ... (Dazed)

While the demise of Missguided may seem like a win for sustainability advocates, things could get a whole lot worse.

The UK government is resisting legislation that would ensure brands and retailers have legal and financial responsibility for workers in their supply chain. As Dominique Muller, policy lead at the fashion ethics campaign group Labour Behind the Label, said, “the lack of communication from Missguided is an appalling indictment on the way small suppliers and their workers are treated by large companies. And while sustainability advocates seem to be putting the kombucha on ice, the death of Missguided will not kill the fast fashion industry.

Missguided collapse

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