There's a risk to several jobs at Ted Baker high street store as it plans to appoint administrators.
No Ordinary Designer Label, which is owned by Authentic Brands Group (ABG), has filed a notice of intention to appoint Teneo Financial Advisory as administrators today.
While it's currently uncertain how many stores will close, there are 86 Ted Baker stores across the UK.
This is the most recent high street store in the UK to make such an announcement after The Body Shop appointed administrators last month.
Who is the owner of Ted Baker?
ABG – Authentic Brands Group – acquired Ted Baker for about £210million 18 months ago and it was delisted from the London stock market.
The company will keep trading during the insolvency period, according to ABG.
A partnership for brand licensing with AARC, a Dutch company, was recently terminated due to a dispute between the parties.
John McNamara, chief strategy and transition officer for ABG said: ‘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.
‘We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.
‘We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.’
The retailer faced difficulties after 2019 due to allegations of inappropriate behavior towards female staff from founder Ray Kelvin.
Ted Baker cut hundreds of jobs in 2020 to raise £100million.
It was established by Mr Kelvin in Glasgow in 1988 and its headquarters are located in Fitrovia, London.
.
