Ted Baker saw its stock leap higher on Friday morning (Jonathan Brady/PA) (PA Archive)
Ted Baker is set to close 15 of its shops, including four in London, with the loss of 245 jobs, after the retailer entered administration last month.
The firm became the latest high-profile collapse in British fashion – following other recent insolvencies like Matches and Farfetch – when it administrators from Teneo were appointed for its UK arm in March. At the time, parent company Authentic Brands Group, which bought Ted Baker 18 months ago, said the business had ended up with “a significant level of arrears”.
Today, those administrators revealed they were forced to close 11 shops, which will all cease trading by 19 April. That includes a store at London Bridge and one in Bromley. These closures will lead to the loss of 120 in-store jobs, plus 25 head-office jobs.
The administrators added that landlords had also served notice on the firm for four stores – two of which are in London – before they were appointed. The two London shops are on the Brompton Road and Floral Street. Those stores will close “in the coming weeks” with 100 more jobs lost.
Outside of London, shops in Birmingham Bullring, Bristol, Cambridge, Exeter, Leeds, Liverpool One, Milton Keynes, Nottingham and Oxford are also closing by 19 April. A store in Bicester and one at Manchester Trafford are also closing in the coming weeks.
The closures leave Ted Baker with 31 stores and 564 staff in UK and Ireland, as the administrators attempt to find a buyer to rescue the remains of the business.
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.”
https://uk.finance.yahoo.com/news/245-jobs-insolvent-ted-baker-123656675.html
