Sports Direct owner Frasers Group acquires the fashion retailer following its bankruptcy.

Frasers Group, the parent company of Sports Direct, has purchased Miss guided for £20 million after the online fashion retailer went bankrupt.

Chief executive Michael Murray said the group, which also owns House of Fraser, was “delighted to secure the fast fashion company’s long-term future.”

According to the source, 87 employees will be laid off, and 147 will be transferred to Frasers Group.

Teneo, the administrator, refused to comment on job losses.

It will run the business for about eight weeks during the transition period. Frasers will then take on the business as a “standalone business” within the group.

Missguided has faced supply chain issues, rising freight costs, and increased competition from competitors.

Suppliers were accused.

Frasers Group confirmed it had purchased Missguided and its sister brand Mennace’s intellectual property.

“Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the Frasers Group,” Mr Murray said.

Missguided, a fast fashion brand, has gone bankrupt.

More clothes are being returned by customers at Boohoo.

Nitin Passi founded the Manchester-based company in 2009, and it has since grown to become one of the UK’s largest online fashion players. However, it has struggled to turn a profit in recent years.

It was rescued last autumn by the finance firm Alteri Investors, with Mr Passi stepping down as CEO in April.