Missguided has called in administrators after failing to secure a buyer.
The fast-fashion retailer has appointed Teneo Financial Advisory to handle the process and seek a rescue deal.
Missguided has crumbled under the weight of increased supply chain challenges and costs, inflationary pressures and muted consumer spending as confidence waned in the face of the cost-of-living crisis.
The etailer drafted in administrators after it was issued with a winding-up petition by its suppliers, who have not been paid in months.
Missguided will continue to trade while Teneo battles to secure a sale of the business and its assets.
Last week, online fast-fashion rival Boohoo emerged as a front-runner to rescue Missguided, but other fashion retailers including JD Sports and Asos are also in the running.
Missguided revealed that it was looking for a buyer in April, as founder and chief executive Nitin Passi stepped down from his role.
This is the second time Missguided has entered troubled waters – it was saved from collapse last December when retail investor Alteri, backed by investment firm Apollo, snapped up a 50% stake in the business.
Teneo senior managing director Gavin Maher said: “As we continue to see, the retail trading environment in the UK remains extremely challenging.
“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. We thank all employees and other key stakeholders for their support at this difficult time.”
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