Fashion retailer Missguided puts 140 jobs at risk as part of 'comprehensive restructure'

Fashion retailer Missguided has launched a "comprehensive restructure", putting 140 jobs in Manchester at risk.

A 45-day consultation has been launched by the company which was founded by Nitin Passi in 2009 and employs 400 people in the city.

The news comes after Missguided sold a 50% stake to Alteri Investors towards the end of 2021.

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In a statement, the firm said it had "not been immune" from the increased costs from supply chain disruption, inflation and a drop in customer demand that the fashion industry has faced over the last 18 months.

The London-based investor, which itself is backed by the private equity giant Apollo Global Management, also has stakes in Lancashire-headquartered Bensons for Beds.

A Missguided statement said: "The fashion industry has had a tough 18 months with increased costs arising from supply chain disruption, cost inflation and weakened customer demand arising from the pandemic.

"Missguided has not been immune to those challenges and at the end of 2021, with the help of external consultants, began a review of its structure in the light of market conditions.

"That review has concluded that it needs to align its costs to better match its current performance and it has today proposed a comprehensive restructure of the business that sadly places a number of roles at risk of redundancy. Missguided’s first priority is its staff.

"It briefed them last month on the proposed restructure and began a 45-day consultation period with those affected by the plans.

"Should those proposals be agreed, Missguided anticipates that a number of roles will be lost in the coming weeks at its operations in Manchester.

"Missguided is acutely