Jobs threat: UK 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 company Authentic Brands Group, has hired restructuring firm Teneo Financial Advisory.
The move threatens the future of the firm’s 86 stores and 1,000 employees in the latest blow to the High Street.
However, Authentic has no yet revealed any details of redundancies or store closures, and Ted Baker stores and website would continue to trade.
Authentic, which owns brands including Billabong, Forever 21 and Juicy Couture, bought Ted Baker for £211million in 2022, which saw it leave the London Stock Exchange.
The appointment of the administrators comes six weeks after the company ended a partnership with Dutch firm AARC, which ran its shops and online business in Europe. Authentic said ‘damage’ had been done during the tie-up.
‘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.’
Julie Palmer, partner at restructuring firm Begbies Traynor, said: ‘Reports that Ted Baker’s owners intend to appoint administrators is yet another indicator of the extensive financial pressures facing the retail sector.’
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