August 18th 2024.
Ted Baker, one of the most beloved fashion brands in the UK, will soon be a thing of the past on the country's high streets. The company has announced that it will be closing all of its remaining 31 shops across the UK by this week. It's a sad end for a brand that has been a staple in the fashion industry for many years.
The closure of these outlets will unfortunately put more than 500 jobs at risk. This comes after the company, No Ordinary Designer Label, which operates Ted Baker shops in the UK, went into administration earlier this year. In March, 15 shops were closed and 245 people lost their jobs. This was a significant blow to the company, which had around 975 employees before it collapsed.
Now, all 46 shops, along with the e-commerce platform and department store concessions, will be shutting down. This includes several shops in London, which have been a popular destination for fashion lovers. The remaining 31 Ted Baker stores in the UK are set to close their doors by Tuesday this week.
The brand's intellectual property is owned by US firm Authentic Brands Group, who stated that the damage done during a merger with NODL was too much to overcome. Talks to save the business had been ongoing between retail tycoon Mike Ashley's Frasers Group and Authentic, but unfortunately, they were unsuccessful. John McNamara, chief strategy and transition officer for Authentic Brands Group, expressed his regret over the situation, stating that they wished there could have been a better outcome for the employees and stakeholders.
This news comes after Ted Baker made headlines in 2019 when founder Ray Kelvin stepped down following allegations of misconduct. The 68-year-old, who started the company in Scotland in 1988, was accused of inappropriate behavior towards female employees. Despite denying these allegations, the company's reputation was damaged.
The closure of the remaining Ted Baker shops is a devastating blow to the brand and its employees. Joint administrator Benji Dymant expressed his sadness at the situation, but also stated that these store closures will ultimately help improve the business's performance. Authentic Brands Group is currently in discussions with potential partners to bring the brand back to health in the UK and Europe.
We at The Agency would like to offer our support to the Ted Baker team members and partners during this difficult time. Stay updated on the latest news by following us on Twitter and Facebook, and don't forget to sign up for our daily push alerts to receive articles straight to your device.
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