Missguided has appointed administrators after failing to finalise a rescue bid.
The news follows the issue of a winding up petition by clothing suppliers who, according to The Guardian, are owed millions of pounds.
The retailer has appointed Teneo Financial Advisory to oversee the process to sell the company. In the meantime, Missguided will continue to trade while Teneo seeks a buyer.
Around 140 jobs are understood to be at risk.
Teneo said Missguided had struggled against increased supply chain costs, general cost inflation, a weakened consumer market and an increasingly competitive market.
Last week, it was reported that Boohoo was preparing to rescue the business in a pre-pack deal.
