A Norwich-headquartered online fashion retailer has fallen into administration despite trading successfully for more than a decade and enjoying a global customer base. Administrators from Price Bailey are now looking to maximise returns to creditors.
Miss Shoes, a fashion retailer which traded as both Miss Shoes and FYFO (Fuel Your Fashion Online), was an online-only retailer of footwear and other accessories.
The company entered administration on 15 January 2019 with Matt Howard and Stuart Morton, of Price Bailey, acting as joint administrators.
Miss Shoes was established in 2007 and increased its sales until reaching a reported annual turnover of £3m, while establishing a customer base across Europe, North America and Australia.
Despite its earlier success, Price Bailey partner Matt Howard said adminsitration was deemed to be the best option for all parties "after the company and Price Bailey had exhausted all efforts to find a buyer for the business as a going concern over the holiday period".
"This is another example of the challenging trading conditions facing many retailers in the current climate, in spite of significant investment."
Howard added: "It shows how tough trading conditions are, even for online-only fashion retailers, who are having to contend with unprecedented levels of discounting, squeezing margins.
"At the same time, internet retailers are particularly vulnerable to the costs associated with people returning unwanted items, which has become more prevalent in recent years as technology has enabled more impulse buying.”
"We are now focusing on achieving the best value for the company’s freehold property and remaining assets in order to maximise returns to creditors.”