Ted Baker’s administrator has announced that 15 stores will close across the UK with hundreds of workers redundant.
Following “significant level of arrears,” the high street fashion retailer Ted Baker called in the administrators.
No Ordinary Designer Label who trades under Ted Baker filed a notice of intent to appoint Teneo Financial Advisory last month.
No Ordinary Designer Label Limited is owned by Authentic Brands Group (ABG) and the company trades under the brand name Ted Baker.
Benji Dymant, joint administrator said, “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.
“We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time.”
Last month ABG’s chief strategy and transition officer, John McNamara, 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.”
