The company that holds the licence to trade as fashion retailer Ted Baker in the UK is poised to fall into administration.
No Ordinary Designer Label, which licences the Ted Baker brand from Authentic Brands Group of the US, has filed a notice of intent to appoint joint administrators, putting hundreds of jobs at risk.
Ted Baker, which was founded in Glasgow in 1987, was bought by ABG in 2022.
The move by NODL comes amid claims of "damage" arising from a partnership with Dutch firm AARC Group, which ran Ted Baker's shops and online business in Europe.
No Ordinary Designer Label walked away from the AARC deal in January after it claimed its partner had failed to meet its promise to inject cash into the business.
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Authentic said that the business had built up "a significant level of arrears".
NODL has around 975 employees and runs more than 80 shops and concessions in the UK.
Authentic said Ted Baker stores and the retailer's website would continue to trade.
In its statement, Authentic did not say whether any shops or jobs would be lost in the likely administration.
"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," said Authentic's chief strategy and transition officer John McNamara.
"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."
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Reports suggested administrators at restructuring specialist Teneo were set to be appointed.
Teneo declined to comment this afternoon.
Authentic, which also owns Reebok and Juicy Couture, agreed a £211 million deal to buy Ted Baker off the stock exchange in August 2022.
The deal was less than had been considered by Authentic earlier in the year when other potential suitors were circling the fashion brand.
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