The сompany is planned to continue operating as a standalone business
UK-based Frasers Group acquired Missguided. Source: missguided.eu
British Frasers Group has bought Missguided after the online fashion retailer collapsed into administration last Monday, Ecommerce News report. The retail group has acquired Missguided for €23.5 million.
The company’s employees consequently announced that they were seeking to sue the company, as they were affected by the collapse and said that their redundancy processes were not handled properly.
Missguided was founded in 2009 in the UK and was a successful fashion retailer, with an online platform that was internationally active. However, the company had been struggling to keep up with strong competitors such as Boohoo and Shein.
In late 2021, the fashion platform sold a 50% stake of its business to Alteri, an investor that specializes in distressed businesses. This funding gave the platform liquidity during the supply chain disruption.
Last month, the retailer hired Teneo to help secure a new buyer. Competitors Boohoo and Shein showed interest, but Missguided was not able to close the deal. Instead, the platform was served with a winding-up petition from suppliers who accused the brand of not paying them the millions they were owed.
We’ve reported that Twitter will pay $150 million for blowing abroad users’ credentials.
SEE ALSO:
