Ted Baker to shut 15 stores and cut some 245 jobs
Quote from VATcal on 09/04/2024, 13:42High street fashion retailer Ted Baker is set to close 15 stores across the UK, resulting in a significant job loss of approximately 245 employees. This news comes after the company's European retail and online arm entered administration last month.
The administrators, Teneo, announced that 11 loss-making stores will be closed by April 19th, impacting around 120 jobs. These closures include branches in major cities like Birmingham, Bristol, and Oxford. Additionally, 25 head office positions will be made redundant in a bid to reduce central costs.
The announcement further revealed that four more stores will close "in the coming weeks" after landlords served termination notices on their leases due to insolvency. These closures are expected to result in a further 100 job losses.
Teneo stated that the stores earmarked for closure have no chance of becoming profitable again, "even with material rent reductions."
Despite the closures, there is a glimmer of hope for the Ted Baker brand. Authentic Brands Group, which owns the intellectual property rights of Ted Baker, is currently searching for a new operating partner to run the retail and online business in the UK and Europe.
High street fashion retailer Ted Baker is set to close 15 stores across the UK, resulting in a significant job loss of approximately 245 employees. This news comes after the company's European retail and online arm entered administration last month.
The administrators, Teneo, announced that 11 loss-making stores will be closed by April 19th, impacting around 120 jobs. These closures include branches in major cities like Birmingham, Bristol, and Oxford. Additionally, 25 head office positions will be made redundant in a bid to reduce central costs.
The announcement further revealed that four more stores will close "in the coming weeks" after landlords served termination notices on their leases due to insolvency. These closures are expected to result in a further 100 job losses.
Teneo stated that the stores earmarked for closure have no chance of becoming profitable again, "even with material rent reductions."
Despite the closures, there is a glimmer of hope for the Ted Baker brand. Authentic Brands Group, which owns the intellectual property rights of Ted Baker, is currently searching for a new operating partner to run the retail and online business in the UK and Europe.
