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Job losses: Ted Baker plans to close fifteen stores
Ted Baker plans to close 15 stores and cut around 245 jobs after entering administration.
The company behind the fashion brand’s British stores, No Ordinary Designer Label Limited (NODL), hired administrators from Teneo last month.
Teneo said yesterday that 11 stores will close by the end of next week, resulting in the loss of about 120 jobs. Meanwhile, about 25 head office employees will also be laid off to reduce central costs.
The administrators also revealed that four more stores will close after landlords put the locations on notice ahead of the insolvency.
These will close ‘in the coming weeks’ and result in a further 100 job losses.
Authentic Brands, the US-based company behind Juicy Couture and Reebok, still owns Ted Baker’s intellectual property.