Missguided fashion retailer on verge of collapse

, police were called to Missguided's Manchester headquarters after suppliers turned up earlier this week demanding overdue payments.A creditor - in this case one of Missguided's suppliers - can apply to a court to close a company if it is unable to pay its debts. The idea is the firm's assets are sold and those who are owed money will be paid.

The i said that three suppliers for Missguided warned they are at risk of going under due to outstanding payments. A Missguided spokesperson 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."

The business was founded by Nitin Passi in 2009 and grew to become one of the UK's biggest online fast-fashion players.However, in the last few years the business has struggled to make a profit and in December Alteri announced redundancies as part of a turnaround plan.The firm began as a purely online retailer before adding several bricks-and mortar stores, including a flagship store in east London's Westfield shopping centre in 2016.

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