Missguided bought out of administration by Mike Ashley's Frasers Group
manchestereveningnews.co.ukMissguided has been bought out of administration by Mike Ashley's Frasers Group. The fast-fashion company was issued a winding-up petition last week by suppliers who are owed millions.
It comes after police were called to the retailer's Trafford headquarters after suppliers turned up demanding overdue payments be made.
The online retailer - which employs around 330 staff - collapsed into administration on Monday. It has been confirmed this morning (Wednesday) that Mike Ashley's retail empire has snapped up the brand in a rescue deal. READ MORE:Missguided collapses into administration putting over 300 Manchester-based jobs at risk Frasers Group, which also owns Sports Direct and House of Fraser, confirmed it has bought the intellectual property of the retailer and sister brand Mennace for around £20 million.
It confirmed that Missguided will continue to be operated by administrators for a transition period of around eight weeks. Frasers said it then intends to continue to run Missguided as a 'standalone' brand within its group.
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