The Frasers Group, the British retail and intellectual property firm controlled by Mike Ashley, the founder of Sports Direct, has reportedly acquired troubled online fashion company, Missguided out of administration in a £20 million ($25 million) cash deal. Following the completion of the deal, Missguided would continue to be run by the administrator through a transitional contract for around eight weeks before it is established as an independent business inside the Frasers Group. It is currently unclear how many jobs will be preserved as a result of the Frasers' purchase. Several suppliers of Missguided in the UK and abroad are believed to have gone without any payment for months now. There were speculations that Missguided may be purchased by Boohoo, a bigger online fashion competitor, as part of a pre-pack administration transaction.

Source: The Guardian June 03, 2022 11:42 UTC