Tough conditions in the retail sector claimed another victim last night as fast fashion group Missguided called in administrators after failing to conclude a rescue deal.
Teneo, the group’s administrator, said there was still a ‘high level of interest’ in business and it would continue to trade while a buyer was sought.
Boohoo, JD Sports, Shein and ASOS had all reportedly looked at the online specialist, but attempts at a deal faltered and its suppliers applied for the business to be wound up.
Missguided shot to prominence in 2017 when one of its suppliers in Leicester was accused of paying staff less than the minimum wage.
It courted more controversy two years later when it started to sell bikinis for £1, claiming they cost more than that to produce and that the rock-bottom price was a ‘gift’ to its customers.
Financial problems, however, emerged last year when it sold a stake to distressed business specialist Alteri amid reports it was struggling to cope with supply chain disruptions.
Misguided employed 340 staff, with 140 said to be at risk and 80 already made redundant according to the reports today.