Missguided close to calling in administrators after creditors issue winding-up petition

Fashion retailer Missguided was said to be close to calling in administrators after creditor JSK Fashions issued the embattled business with a winding-up petition earlier in May.

Missguided remains on the brink of collapse after it allegedly left suppliers millions of pounds out of pocket, leading to police being called into the firm's Manchester head office.

Alteri Investors, which saved Missguided from collapse in 2021 when it purchased a 50% stake in the firm, has been shopping the business over the past few weeks, with both JD Sports and Shein expected to make an offer.

However, insolvency outfit Teneo has supposedly been preparing to take over as administrators if Alteri is unable to dispose of the business solvently.

Missguided said: "Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.

"A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future."

Reporting by Iain Gilbert at Sharecast.com