Ted Baker owner set to appoint administrators

The US owner of Ted Baker intends to put the fashion firm into administration.
Ted Baker owner set to appoint administrators
TEd Baker storeGetty Images

The US owner of Ted Baker is set to put the fashion firm into administration, putting hundreds of jobs at risk.

Authentic Brands Group, which has owned Ted Baker since 2022, said that “damage done” during a tie-up with another firm was “too much to overcome”.

Ted Baker will continue to trade and customer orders will be fulfilled, the US group said.

Authentic is in “advanced discussions” with several potential buyers for the Ted Baker brand, it added.

Ted Baker has about 975 employees and runs 46 stores, plus an e-commerce platform and department store concessions.

Authentic did not give any indication of job loss numbers in a statement.

Authentic Brands Group chief strategy and transition officer John McNamara said: “We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.”

He added that it is “hopefully some consolation for customers” that Ted Baker “will continue to trade online and in stores.”

He said Ted Baker’s holding company, which is called No Ordinary Designer Label, had “built up a significant level of arrears” during a tie-up with Dutch firm AARC and the damage done “was too much to overcome”.

The partnership with AARC, which ran Ted Baker’s shops and online business in Europe, ended in January.

Ted Baker began as a menswear brand in Glasgow in 1987, and grew to have shops in the UK and US, as well as concessions in department stores.

It also has licensing agreements in place for stores in cities in Asia and the Middle East.

Source: bbc.co.uk

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