The company said that it has appointed administrators from Teneo after receiving a winding-up order by its supplier JSK Fashions, notifying the retailer that it owed millions of pounds in outstanding payments.
“As we continue to see, the retail trading environment in the UK remains extremely challenging,” said Teneo’s Managing Director Gavin Maher. “The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.”
The news comes just days after reports indicated that other fast-fashion players, including Boohoo, JD Sports, and Asos, had separately expressed interest in acquiring the company.
The digital-only retail company was founded in 2009 by Nitin Pass with the goal of targeting 18 to 30-year-old customers. Over the years, it gained popularity for being able to churn out fresh collections at a rapid clip while maintaining its low prices. However, the company began losing momentum in recent years with consumers’ preferences shifting toward sustainable fashion, while competition from other players in the fast fashion space continued to increase.
