Renowned fashion retailer Missguided has fallen into administration and now faces an uncertain future after it failed to secure a last-minute buyer. During a turbulent period in which the company was hit hard by surging supply costs, Missguided called in administrators Teneo after suppliers it owed millions of pounds to petitioned for it to be wound up.
Police were recently called to the Missguided head office in Manchester after suppliers arrived to demand the cash they say they were owed, according to reports. Bohoo, Asos and JD Sports were all reportedly interested in buying the business.
Teneo are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base. The insolvency specialists said there was keen interest from buyers wanting to snap up Missguided, meaning it could be saved from administration.
