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Rescue: Frasers and Next are said to be considering saving Ted Baker’s European business
Frasers Group and Next are in talks to remove Ted Baker from administration. Mike Ashley’s Frasers and Lord Wolfson’s Next are said to be considering saving the fashion chain’s European business.
According to The Times, the companies, two of the High Street’s biggest names, have spoken to Teneo’s administrators about a full or partial sale. The report said bidders have less than six weeks to make an offer and a buyer could be announced this month.
Hundreds of Ted Baker employees were laid off earlier this week with plans to close 15 stores.
The company behind the fashion brand’s UK stores, No Ordinary Designer Label Limited (NODL), hired administrators last month because it failed to win over younger shoppers.
Next and Frasers are known for snapping up ailing retailers.
Ashley’s retail empire has snapped up toymaker Hornby and luxury marketplace Matches Fashion in recent months, although the latter later collapsed.
Next owns Jack Wills and Victoria’s Secret