Missguided will not refund customers, administration confirm, but will rehire CEO
Missguided administrators have confirmed they will not be honouring refund requests by customers from unfulfilled or ‘lost’ orders, not settled prior to sale. This comes just a day after Fraser Group, who bought out Missguided announces Nitin Passi, the founder of fast fashion company Missguided, who started the brand back in 2009 with a loan from his family will return as CEO in August once the administration process concludes — just months after resigning as Missguided CEO.
Typically, customers are often among the last on the priority list of creditors to receive repayments if a company falls. The administrators at Teneo, which read in a text to a customer: “We will not be able to honour any pre-appointment refunds requested and not yet settled. “In this case, you can make a claim in the administration process.” Teneo declined to comment on the decision not to pay refunds.
It seems as though Passi, made a clean break from responding to any media regarding the collapse as during the interim he is ‘no longer at the company,’ and has not made any statements until now with Business UK, stating, Mr Passi said: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future.
“I am acutely aware of the impact Missguided’s administration has had on our stakeholders and I am committed to rebuilding their trust.” said Passi.
I have 15 years of experience in the retail industry including expertise in marketing, operations, merchandising, buying, shopping and technology. I am a speaker, consultant and former senior managing director of The School of Retailing, University of Alberta. My education includes a Bachelor of Commerce Degree from The University of Alberta in Marketing, Certificate in Real Estate and a Diploma in Fashion Merchandising and Buying from LasSalle College, a Canadian private school founded in 1959 by fashion designer Jean-Paul Morin.