In The Style Faces Financial Crisis and Backlash from Celebrities

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In The Style, a fast fashion retailer, has cut at least 17 jobs as the company faces a financial crisis and potential collapse. The job cuts were announced in a group meeting on Wednesday, with some employees being dismissed without receiving their most recent pay checks. This move comes as the company's private equity owner, Baaj Capital, has filed a notice of intent to appoint administrators, with restructuring firm FTS Recovery lined up to strike a pre-pack administration deal.

The company's financial performance has deteriorated in recent years, a stark contrast to its valuation of £105m when it floated on the stock market in 2019. In The Style has seen a decline in sales and revenue, leading to a significant reduction in its workforce. The job cuts have sparked concerns among employees, with many taking to social media to express their disappointment and frustration. The company's financial struggles have also led to a backlash from celebrities, including Jacqueline Jossa and Charlotte Crosby, who have accused In The Style of owing them money for their collaborative collections.

Jacqueline Jossa, an EastEnders actress, has spoken out against the company, claiming that she is owed tens of thousands of pounds and has not been paid in months. She has also accused In The Style of using her name and image to sell stock without her permission. Charlotte Crosby, a Geordie Shore star, has also joined the row, stating that she has witnessed firsthand the mental toll that leaving In The Style had on its founders, Adam Frisby and Jamie Corbett. She has also accused the company of purposely withholding payments owed to influencers and suppliers. The financial struggles of In The Style have led to a restructuring of the company, with a potential pre-pack administration deal on the horizon.

The backlash from celebrities has sparked a wider conversation about the treatment of influencers and suppliers in the fashion industry. Many have taken to social media to share their own experiences of working with In The Style, with some accusing the company of unfair business practices. The company's use of a pioneering influencer collaboration model, which involved partnering with social media personalities and celebrities to create and promote exclusive clothing lines, has been called into question. The model, which was once seen as a key factor in the company's success, has now been criticized for being unsustainable and exploitative.

Here are some key points to note about the In The Style crisis: * In The Style has cut at least 17 jobs as the company faces a financial crisis * The company's private equity owner, Baaj Capital, has filed a notice of intent to appoint administrators * Restructuring firm FTS Recovery is lined up to strike a pre-pack administration deal * Celebrities, including Jacqueline Jossa and Charlotte Crosby, have accused In The Style of owing them money for their collaborative collections * The company's financial struggles have led to a backlash from employees and suppliers, with many accusing In The Style of unfair business practices * The crisis has sparked a wider conversation about the treatment of influencers and suppliers in the fashion industry, with many calling for greater transparency and accountability.