Fast fashion retailer Missguided is on brink of collapse after being issued with a winding-up petition
Fast fashion retailer Missguided is on the brink of collapse after being issued with a winding-up petition.
According to sources, it could call in administrators as early as Monday.
A winding-up petition was issued against it on May 10 by Manchester supplier JSK Fashions.
The end?: Missguided was founded by Nitin Passi (pictured, centre) in 2009 with a £50,000 loan from his father
Missguided was founded by Nitin Passi in 2009 with a £50,000 loan from his father.
It has been hit hard by supply chain issues, rising freight costs and competition from Boohoo and China’s Shein.
Missguided was rescued last autumn by finance firm Alteri Investors. Insolvency specialists are advising Alteri on options for the future.
After it was launched, Missguided, which made headlines with its £1 bikini three years ago, grew rapidly to become one of the UK’s largest retailers, capitalising on celebrity endorsements on social media.
The company said: ‘A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to a provide an update in the near future.’