Fast fashion firm Missguided has fallen into administration.
The retailer failed to secure a last minute buyer and are now relying on administrators Teneo to sell its business and assets. Suppliers petitioned for the company to be wound up as it owed millions of pounds.
Teneo said there was keen interest from buyers wanting to snap up Missguided. If this happens then it means the business could be saved from administration, reported The Mirror.
READ MORE: Missguided on brink of collapse after police arrive at headquarters
Missguided was founded in 2009 by Nitin Passi and grew rapidly amid rising demand for online fashion. However, the company was hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.
Reportedly, police were recently called to the Missguided head office in Manchester, which employs around 330 staff, after suppliers turned up to demand the cash they say they were owed. Boohoo had been in talks to buy the business in a pre-pack administration deal, while Asos and JD Sports were also reported to have been interested.
Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a "high level of interest". Gavin Maher, of Teneo, said: "As we continue to see, the retail trading environment in the UK remains extremely challenging.
"The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers. We thank all employees and other key stakeholders for their support at this difficult time."
Last autumn Missguided was saved in a takeover deal by investment firm Alteri, which announced redundancies in December as part of its turnaround plan. However, last month the retailer confirmed it was looking for a potential new buyer as Passi stepped down as chief executive amid continued financial pressure.
What does the Missguided administration mean for my order?
The fashion firm is still trading while Teneo speaks to interested buyers. The Mirror has approached Teneo to clarify, but for now there has been no change to customers.
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