Job cuts: Ted Baker plans to shut 15 stores
Ted Baker plans to shut 15 stores and cut around 245 jobs after crashing into administration.
The company behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), hired administrators from Teneo last month.
Teneo yesterday said 11 stores will shut by the end of next week with the loss of around 120 jobs. Meanwhile, around 25 head office workers will also be made redundant to cut central costs.
The administrators also revealed four more stores will close after landlords served notice on the sites prior to the insolvency.
These will shut ‘in the coming weeks’ and result in another 100 job losses.
Authentic Brands, the US-based company behind Juicy Couture and Reebok, is still the owner of Ted Baker’s intellectual property.
