Fashion

Missguided ‘queues admin’ after tortuous petition


Electronic fashion tailor Lack of instructions is said to be on the brink with administrators lined up after creditors launched a tortuous petition.

Lack of instructions

And reports say police were called in after out-of-pocket suppliers showed up at the company’s Manchester office.

The news was first reported by i newspaper and it quoted several suppliers as saying they were at risk of failure because the company did not pay for the clothes they produced.

It looks like a tortuous petition was launched earlier this month by Manchester-based supplier JSK Fashions, but has only been made public.

A spokeswoman for Missguided said it was “aware of the actions of several of the company’s creditors in recent days and is working urgently to resolve the matter. A process to identify buyers with the necessary resources and platforms for the business began in April, and we hope to provide an update on the progress of that process in the near future. ”

Missguided backer Alteri Investors bought a 50 per cent stake for £53m last autumn and averted the dreaded collapse before that. It has pumped millions more into its business but has recently attempted to offload it with companies including JD Sports Fashion and China Shein have been suggested as potential new owners.

Given the chance, however, it is likely that any buyer would want to wait for that to happen and buy it out of the regulatory body.

If the company cannot be sold as a regular concern, it is expected that bankruptcy specialist Teneo will join as administrator.

Missguided was founded 12 years ago by Nitin Passi and at its peak expanded into mega-scale stores in high-end malls such as Westfield and Bluewater. It was also the subject of a drama called Inside Missguided in 2020.

Passi stepped down as chief executive last month but remains on the parent company’s board.

Copyright © 2022 FashionNetwork.com All rights reserved.



Source link

news7d

News 7D: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button