Threat to jobs: British fashion brand Ted Baker has appointed administrators
Ted Baker has appointed administrators, putting hundreds of jobs at risk.
No Ordinary Designer Label (NODL), which trades as the British fashion brand and is owned by US-based Authentic Brands Group, has hired restructuring firm Teneo Financial Advisory.
The move threatens the future of the company’s 86 stores and 1,000 staff in the latest blow to the High Street.
However, Authentic has not yet revealed details about any layoffs or store closures, and Ted Baker’s stores and website will reportedly continue operations.
Authentic, which owns brands including Billabong, Forever 21 and Juicy Couture, bought Ted Baker for £211 million in 2022, which saw it leave the London Stock Exchange.
The appointment of administrators comes six weeks after the company ended a partnership with Dutch company AARC, which managed its stores and online operations in Europe. Authentic said “damage” was caused during the immobilization.
“Despite our tireless efforts, the damage done during a period under the AARC during which the NODL accumulated a significant level of arrears was too great to overcome,” said John McNamara, head of strategy and transition from Authentic.
“We wish there was a better outcome for Ted Baker employees and stakeholders.”
Julie Palmer, partner at restructuring firm Begbies Traynor, said: “Reports that the owners of Ted Baker intend to appoint administrators are another indicator of the considerable financial pressures facing the retail sector. detail.
