Fashion retailer Ted Baker calls in administrators
Quote from VATcal on 19/03/2024, 16:13British fashion brand Ted Baker is on the brink of collapse after its owner, Authentic Brands Group (ABG), filed a notice to appoint administrators. This move puts hundreds of jobs and the future of the retailer's 86 stores in the UK at risk.
The news comes just weeks after Ted Baker's licensing partnership with Dutch company AARC ended, which is believed to have played a role in the administration decision. ABG, which acquired Ted Baker in 2022, cited "damage done" to the brand during the AARC partnership.
Ted Baker has been struggling for several years, facing issues like declining foot traffic in physical stores, particularly in travel hubs and city centers. The company has also grappled with data integration problems affecting product availability and digital marketing efforts.
The administration process could result in store closures and job losses, although the exact scale remains unclear. Reports suggest nearly 1,000 jobs could be impacted, with the No Ordinary Designer Label (NODL), the Ted Baker parent company under ABG, employing around 975 staff.
This is the latest blow to the struggling British high street, following administrations of retailers like Matches and The Body Shop's UK arm earlier in 2024. It remains to be seen whether Ted Baker can be revived through administration, or if this marks the end of the once-popular fashion brand.
British fashion brand Ted Baker is on the brink of collapse after its owner, Authentic Brands Group (ABG), filed a notice to appoint administrators. This move puts hundreds of jobs and the future of the retailer's 86 stores in the UK at risk.
The news comes just weeks after Ted Baker's licensing partnership with Dutch company AARC ended, which is believed to have played a role in the administration decision. ABG, which acquired Ted Baker in 2022, cited "damage done" to the brand during the AARC partnership.
Ted Baker has been struggling for several years, facing issues like declining foot traffic in physical stores, particularly in travel hubs and city centers. The company has also grappled with data integration problems affecting product availability and digital marketing efforts.
The administration process could result in store closures and job losses, although the exact scale remains unclear. Reports suggest nearly 1,000 jobs could be impacted, with the No Ordinary Designer Label (NODL), the Ted Baker parent company under ABG, employing around 975 staff.
This is the latest blow to the struggling British high street, following administrations of retailers like Matches and The Body Shop's UK arm earlier in 2024. It remains to be seen whether Ted Baker can be revived through administration, or if this marks the end of the once-popular fashion brand.
