In the UK, online fashion retailer Missguided is reportedly on the brink of collapsing.
The fast fashion retailer reportedly has about 330 staff and it's being reported administrators are being lined up as early as Monday.
Police were reportedly called to its Manchester HQ this week when suppliers turned up demanding overdue payments which they say have not been paid for months.
Three suppliers for Missguided have warned they're at risk of bankruptcy.
Missguided was rescued last autumn by the finance firm Alteri Investors, backed by investment firm Apollo. As part of their turnaround plan, Alteri announced redundancies in December.
Last month, Missguided founder, Nitin Passi, stepped down as chief executive. The retailer then said it was looking for a new buyer. as its JD Sports and Shein have been linked with potential bids.
Missguided brought in Teneo to assess the strategic options available to it last month and it is now understood that the corporate advisory firm would oversee any insolvency proceedings.
The company said in a statement regarding the latest reports: “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.”
