British ultrafast fashion brand Missguided has fallen into administration after failing to secure. The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.
Missguided sells clothes aimed at women aged 16-35-years old.
Suppliers to the collapsed brand have filed an official complaint to the Insolvency Service and are considering legal action over what campaigners say was ‘a reckless approach’ by the company’s private equity owners.
UK-based more than a dozen suppliers (mostly in Leicester and Manchester) say they are collectively owed millions of pounds for orders, some of which were placed as late as last month with deliveries demanded even on the day Missguided went into administration.
Few former employees of Missguided are considering legal action against the company over claims that the redundancy process was not properly managed.
The brand has also been suspended by Ethical Trading Initiative (ETI) from membership. The retailer was an ETI member since 2017. ETI is a leading alliance of trade unions, NGOs and businesses, working together to promote practical solutions to end the abuse of human rights at work.
