Share
29th May 2022
11:00am BST
According to UK media outlets, this comes after the company was issued with a winding-up petition by creditors, with the BBC saying the business – which employs about 330 staff – could have to all in administrators as early as Monday.
Missguided was founded by Nitin Passi back in 2009 and grew quickly to become one of the UK's biggest online fast-fashion players.
In the years that followed, the business also expanded into the likes of Europe, the US and Australia and now ships to more than 180 countries.And what began as a purely online retailer before adding several bricks-and mortar stores, including a flagship store in east London's Westfield shopping centre in 2016. has now shut all its physical shops in the UK, saying they cost more to run than they brought in.
This is not the first time, however, that the company is having money problems. Last autumn, Missguided was saved by a finance firm, and cited at the time difficulties due to supply chain problems, rising freight costs and increasing competition from rivals like Boohoo and Shein.
According to a report in the i newspaper, police were called to Missguided's Manchester headquarters after suppliers turned up earlier this week demanding overdue payments.A creditor - in this case one of Missguided's suppliers - can apply to a court to close a company if it is unable to pay its debts. The idea is the firm's assets are sold and those who are owed money will be paid.
Retailer Missguided on brink of calling in administrators https://t.co/M1T2ZDTnS8
— The Guardian (@guardian) May 27, 2022
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. 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."
Explore more on these topics:
Top Story
This is brilliant for Christmas We’re well into December now, your Christmas shopping should be well underway. If you’re looking to make your presents a little more special this year, shoe lovers are in luck. Life Style Sports are offering a free shoe customisation event in Dublin this weekend. Shoppers can go to their Dundrum […]
5h
This is brilliant for Christmas We’re well into December now, your Christmas shopping should be well underway. If you’re looking to make your presents a little more special this year, shoe lovers are in luck. Life Style Sports are offering a free shoe customisation event in Dublin this weekend. Shoppers can go to their Dundrum […]
News
5h
The baby boy was involved in a two-car collision on December 6th A baby boy has sadly passed away in hospital after being injured in a two-car collision in Co. Louth last week. The infant was injured in a two-car collision on the R132 at Dowdallshill in Dundalk, Co. Louth. The incident occurred at around 8.10 […]
News
5h
She opened up about the moment in her new documentary Taylor Swift broke down in tears during her new documentary, End of an Era, as she spoke publicly for the first time about the Southport attack. In July 2024, three young girls were killed during an attack at a Taylor Swift-themed dance class in Southport. […]
News
7h
The University of Glasgow has cautioned students Classic works of children’s literature including Harry Potter and the Philosopher’s Stone feature ‘outdated attitudes and abuse’ according to one of the top universities in the UK. The University of Glasgow issued this warning to the undergraduates in a module called British Children’s Literature. This caution is proof […]
News
1 day ago
The stars of The Hunger Games are returning for the sixth movie Jennifer Lawrence and Josh Hutcherson are returning to the Hunger Games world. The actors, who rose to fame after starring as Katniss and Peeta in The Hunger Games, are now set to star in The Hunger Games: Sunrise on the Reaping. Lawrence will […]
News
1 day ago
Sophie Kinsella has sadly passed away Author Sophie Kinsella has sadly passed away at the age of 55 after being diagnosed with an aggressive form of brain cancer in 2022. The writer confirmed she was diagnosed with glioblastoma three years ago. The author, whose real name was Madeleine Sophie Wickham, was best known for the […]
News
2 days ago
Luas power outage causes chaos for Dublin city commuters
News
2 days ago
