High Street fashion chain Ted Baker is set to close 15 UK stores leading to the loss of 245 jobs, according to administrators Teneo.
By 19 April 2024, 11 stores will close including at Birmingham’s Bullring shopping centre branch and others in Oxford, Liverpool, Bristol and Leeds, the BBC reported.
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This closure will lead to 120 immediate job losses. Twenty five head office positions will also be eliminated as part of cost-cutting measures.
Landlords have issued notices for four additional stores in Manchester, Bicester and two in central London, resulting in 100 more job losses.
In March 2024, No Ordinary Designer Label (NODL), the firm behind Ted Baker’s UK stores, appointed Teneo as administrators.
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At that time, Ted Baker had 975 employees in the UK and operated 46 shops, an e-commerce platform and department store concessions.
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By GlobalDataUS firm Authentic Brands Group owns the intellectual property rights to Ted Baker while NODL is the holding firm for the brand in the UK.
At the time of NODL entering administration, Authentic Brands had stated that the “damage done” was due to a tie-up with Dutch company AARC that was “too much to overcome.”
According to Authentic Brands, NODL had “built up a significant level of arrears” through the tie-up with AARC that ended earlier in 2024.
Authentic Brands is seeking a new operating partner for Ted Baker’s retail and online business in the UK and Europe, reported The Guardian.
The administrators have indicated that the remaining stores scheduled for closure are unviable in returning to profitability, even with substantial rent concessions.
Teneo’s Benji Dymant, the joint administrator of No Ordinary Designer Label, was quoted by the BBC as saying: “Ted Baker is an iconic British brand with strong partners around the world.
“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.”
