Missguided renamed after being bought out
The fast-fashion brand will continue to operate under its former name.
The clothes retailer Missguided has been renamed as MGL Realisations (2022) Limited after being bought out by Frasers Group.
According to SkyNews, Frasers Group bought the retailer in a £20 million deal. The brand, however, will continue to trade under the name Missguided, despite the official name change.
It's understood that JD Sports, ASOS and Boohoo also expressed interest in saving the company.
Announcing the deal, Frasers Group's Michael Murray said: "We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG's platform and our operational excellence.
"Missguided's digital-first approach to the latest trends in women's fashion will bring additional expertise to the wider Frasers Group."
Frasers Group also operate Sports Direct and House of Fraser.
Earlier this week, administrators from Teneo were appointed after Missguided was hit with a winding-up petition from clothing suppliers who claim that they are owed money.
Around 140 jobs were at risk, however, a source told The Guardian that over 80 people were made redundant on Monday.
Campaigners from Labour Behind the Labour have since protested Missguided and the administrators, calling for the rights of the supply chain garment workers to be protected in the insolvency process. The group is demanding that the suppliers are paid in full so that future employment can be guaranteed for the workers.
Missguided was initially founded in 2009 by Nitin Passi. Its headquarters are in Manchester in the UK.
In 2017, its Leicester-based supplier was accused of paying garment workers less than minimum wage.