Ted Baker ‘to file for administration’ with 86 stores and hundreds of jobs at risk
HUNDREDS of jobs and stores are at risk after Ted Baker confirmed it has plans to call in administrators.
No Ordinary Designer Label, owned by Authentic Brands Group (ABG) and trading as Ted Baker, has filed a notice of intention today.
The move is expected to result in store closures and job losses although it is not clear at this stage how many, Sky News reports.
The retailer currently runs 86 stores across the UK, with an administration effectively putting them all at risk.
John McNamara, chief strategy and transition officer for Authentic Brands Group, said: “Despite our tireless efforts, the damage done during a period under AARC in which NODL 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.
“We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
It comes after ABG said it was exploring several cost-saving measures to shore up the company’s “soaring” costs in February.
ABG rescued the high street brand as part of a £211million deal in 2022.
It is understood Ted Baker will continue trading as normal during the administration process.
The retailer started struggling in 2019 after founder Ray Kelvin quit his role following claims of inappropriate behaviour towards female staff.
A number of profit warnings, a statement advising the stock market profits will be lower than expected, followed.
In 2020, the retailer axed hundreds of jobs and raised £100million to shore up its balance sheet.
It comes after The Body Shop fell into administration just last month, putting hundreds of stores at risk of closure.
On February 29, it announced it would close 75 stores including in Basildon, Bexleyheath and Carlisle.
The Sun contacted Teneo for comment.
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