Fifteen Ted Baker stores throughout the UK are set to close with the loss of approximately 245 jobs, administrators have announced.
Teneo has today confirmed that 11 UK stores will close by the end of next week with the loss of approximately 120 jobs, while 25 head office workers will also be made redundant. A further four stores will close "in the coming weeks" after landlords served notice on the sites prior to insolvency, with approximately another 100 jobs lost as a result.
Teneo was appointed administrator to the company that operates Ted Baker's UK retail estate, No Ordinary Designer Label (NODL), last month amid claims of "damage" arising from a partnership with the Dutch firm that runs Ted Baker's shops and online business in Europe. It is claimed that AARC Group failed to meet its promise to inject cash into the UK business.
READ MORE: Operator of Glasgow-founded fashion chain poised to collapse
Founded in Glasgow in 1987, Ted Baker was bought by Authentic Brands Group (ABG) of the US in 2022 in the wake of the Covid pandemic. NODL, which licenced the Ted Baker brand from ABG, had about 975 employees across more than 80 shops and concessions prior to today's announcement.
ABG said it is currently in the process of finding a new operating partner for the retail and e-commerce business in the UK and across Europe. Teneo said the store closures are "not expected to impact the ability to find a new operating partner".
“Ted Baker is an iconic British brand with strong partners around the world," joint administrator Benji Dymant said. "These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as [ABG] continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health."
He added: "We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel