Ted Baker’s last 31 stores are set to close as talks for a takeover stall.
- The closures come as Frasers Group fails to finalize a deal with Ted Baker’s owner, Authentic Brands Group.
- The shutdown will affect approximately 500 jobs, highlighting a significant employment impact.
- Administrators at Teneo have confirmed the imminent closure of all operations, including concessions and the website.
- These developments mark a challenging period for the British fashion retailer, with the high street losing another key player.
Ted Baker, the well-known British fashion retailer, is set to shutter its last 31 stores amid ongoing uncertainties about its future operations. These closures are a direct result of failed negotiations between Frasers Group and Authentic Brands Group, Ted Baker’s parent company. Talks had previously positioned Frasers Group as a potential savior for Ted Baker’s British ventures; however, no agreement has materialized, prompting the store closures and placing around 500 jobs in jeopardy.
As of March of this year, Ted Baker employed approximately 975 individuals across the UK and Europe, operating 46 stores and various concessions. However, the onset of financial difficulties led to the appointment of Teneo senior managing directors Benji Dymant and Daniel Smith as joint administrators. In March, the company’s retail and e-commerce division in the UK and Europe, No Ordinary Designer Label, went into administration, resulting in 15 store closures and the loss of nearly 250 jobs.
The administration process has been tumultuous, with Teneo confirming that the shutdown of all UK operations, including its website and concessions, would proceed imminently. Although exact closure dates have not been universally communicated, it has been acknowledged that trading will likely cease by the end of August. Ted Baker’s UK website has already been deactivated, signaling the brand’s diminishing retail presence.
The impact of these closures extends beyond employment to the broader UK high street, which has lost yet another significant fashion retailer. As deliberations with prospective operating partners have faltered, Ted Baker’s future, previously thought to be under the potential stewardship of Mike Ashley’s Frasers Group, remains unresolved. Analysts and industry observers express concern over these developments and the resulting economic implications.
In the absence of a successful acquisition, Ted Baker’s store closures mark a poignant chapter in the shifting landscape of British retail.
