Ted Baker to cut over 100 jobs as 11 stores to close for good

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Ted Baker to cut over 100 jobs as 11 stores to close for good

Ted Baker has revealed that it will shut down 11 stores and cut head office roles in a matter of weeks.

The popular luxury brand crashed into administration last month, when No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, appointed Teneo to oversee the administration process.

A staggering 145 redundancies are expected to be made, with 120 store staff alongside 25 head office roles set to go.

The brand’s entire store portfolio has been « loss-making » and administrators say the sites have no prospect of being returned to profitability, even with material rent reductions.

Of the 11 stores set to close, they are all expected to have ceased trading by April 19.

In addition to the 11 branches ready to be shut down, four more will follow in the coming months.

These stores had notices served before Ted Baker fell into administration, resulting in 100 more redundancies.

The branches affected are:

  • Bicester (notice served before administration process)
  • Brompton Road, London (notice served before administration process)
  • Floral Street, London (notice served before administration process)
  • Manchester Trafford (notice served before administration process)

Speaking on the news, joint administrator Benji Dymant said: « Ted Baker is an iconic British brand with strong partners around the world.

« We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time.

« These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as Authentic continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health. »

John McNamara, chief strategy and transition officer for ABG, said the company had wished for a better outcome for employees.

Cet article est apparu en premier sur https://www.express.co.uk/life-style/life/1886086/Ted-Baker-store-closures


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