Missguided goes into administration as fast fashion brand owes millions of pounds

ok.co.uk:

Missguided has appointed administrators after suppliers filed to shut it down over unpaid debts of millions of pounds.The fashion brand called in Teneo Financial Advisory on Monday 30 May to sell its business and assets after clothing supplier JSK Fashions issued a winding-up petition on 10 May.

According to The Guardian, 140 jobs are thought to be at risk, while a source told the publication that over 80 people have already been made redundant.

It's been said that Boohoo had been in talks to buy the company, while Asos and JD Sports had also shown interest in Missguided, but couldn't settle on a deal.

Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter Teneo has confirmed Missguided will continue to function until a complete sale of the business and its assets are finalised.