Ted Baker, the popular High Street fashion chain, is set to shutter 15 of its UK stores and slash 245 jobs, according to administrators. “Eleven stores will close by 19 April,” administrators for the brand’s owner announced, resulting in the loss of 120 jobs.
Alongside store closures, 25 head office positions will be eliminated, with an additional four stores, previously slated for closure pre-administration, set to shut imminently, impacting 100 positions.
No Ordinary Designer Label (NODL), the company operating Ted Baker’s UK shops, appointed administrators last month.
When it entered administration, Ted Baker boasted approximately 975 employees across the UK, operating 46 stores alongside its e-commerce platform and department store concessions.
Authentic Brands Group, a US firm, holds the intellectual property rights to Ted Baker, while NODL serves as the brand’s UK holding company.
Following NODL’s administration last month, Authentic Brands cited irreparable harm stemming from a partnership with Dutch company AARC, leading to insurmountable challenges.
Administrators highlighted that the stores slated for closure lack viable pathways to profitability, even with substantial rent reductions.
Danni Hewson, head of financial analysis at investment platform AJ Bell, noted that although the Ted Baker brand still resonates with consumers, particularly in fragrance and underwear, its appeal has waned, especially among younger shoppers.
Hewson suggested that Next could emerge as a potential buyer for the fashion chain, citing the existing relationship between the two brands and the possibility of integration into Next’s portfolio following Ted Baker’s streamlining.
Meanwhile, joint administrator Benji Dymant said:
“Ted Baker is an iconic British brand with strong partners around the world.
“These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as Authentic continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health.”
The 11 stores closing by 19 April are:
- Birmingham Bullring
- Bristol
- Bromley
- Cambridge
- Exeter
- Leeds
- Liverpool One
- London Bridge
- Milton Keynes
- Nottingham
- Oxford
The four stores that are set to close “in the coming weeks” are:
- Bicester
- London Brompton Road
- London Floral Street
- Manchester Trafford
Ted Baker originated as a menswear brand in Glasgow in 1988, expanding its presence to encompass stores throughout the UK and the United States.
Additionally, the brand has established licensing agreements for stores in various cities across Asia and the Middle East.