The ultra-fast fashion brand has appointed advisory firm Teneo after failing to secure a rescue bid, according to media reports. Missguided and Teneo did not immediately respond to requests for comment.

The news follows reports late last week that Missguided, which has struggled to turn a profit in recent years amid tightening competition in the online fast fashion space, was on the brink of collapse.

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The UK fast fashion retailer also announced 63 job cuts as part of its restructuring efforts, tapping London-based advisory firm Teneo to “find a strategic partner with the infrastructure and platform” to aid the company’s turnaround, it said.