Frasers Workforce, the buying groceries empire based through Mike Ashley that owns Space of Fraser and Sports activities Direct, has swooped in to save lots of Missguided from cave in.
The corporate has obtained the embattled on-line store for £20m.
Frasers Workforce purchased the entire similar highbrow assets of the ladies’s model emblem after Missguided appointed Teneo on Monday to guide it via management.
Its clothes providers are nonetheless owed thousands and thousands of kilos.
Michael Murray, the boss of Frasers Workforce and son-in-law of Mr Ashley, stated: “We’re extremely joyful to protected a long-term long term for Missguided, which is able to have the benefit of the power and scale of FG’s platform and our operational excellence.”
He added: “Missguided’s digital-first way to the most recent developments in ladies’s model will carry further experience to the broader Frasers Workforce.”