High street giant Ted Baker on brink of administration

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High street giant Ted Baker on brink of administration

The high street brand Ted Baker is made up of more than one retailer, despite many people knowing it as a standalone fashion outlet.

According to Sky News, the firm No Ordinary Designer Label, which is owned by the Authentic Brands Group (ABG) and trades as Ted Baker has an uncertain future veering towards administration.

It is understood that the brand filed a notice of intention to appoint Teneo Financial Advisory as administrators earlier today.

The move is expected to result in widespread store closures, of which its full portfolio of UK sites is at risk.

Hundreds of job losses are anticipated if the brand does reach insolvency, though these are yet to be confirmed.

The Ted Baker store count currently stands at 86 across the country, though this could quickly be reduced to zero.

It comes after the brand was delisted from the London stock market after it was bought by ABG for around £210million back in 2022.

In what has been a turbulent period for the popular fashion brand, the administration risk follows a recent dispute with a Dutch company known as AARC.

A disagreement over a brand licensing partnership led to it being entirely abandoned. 

ABG’s chief strategy and transition officer, John McNamara, said: « Despite our tireless efforts, the damage done during a period under AARC in which No Ordinary Designer Lable built up a significant level of arrears was too much to overcome.

« We wish that there could have been a better outcome for the Ted Baker employees and stakeholders. It is hopefully some consolation for customers that NODL will continue to trade online and in stores. »

He went on to say that the firm remains focused on securing a new partner for the Ted Baker brand in the UK, which will help it to grow across the continent where it began.

This is a breaking story, more to follow…

Cet article est apparu en premier sur https://www.express.co.uk/life-style/life/1879259/Ted-Baker-store-closures


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