Ted Baker may disappear from British excessive streets because the struggling trend chain plans to close all its shops inside weeks.
The enterprise behind the style model’s UK outlets, No Peculiar Designer Label Restricted (NODL), was positioned into administration with Teneo Monetary Advisory in March by former proprietor Genuine Manufacturers Group.
It has since shut 15 outlets within the UK, leading to about 245 workers being made redundant.
Employees working on the remaining shops have been advised that they’ll lose their jobs when the outlets are shut inside three weeks, as first reported within the Solar newspaper.
It’s understood that the plans haven’t but been finalised regardless of the message to workers.
Ted Baker had 46 UK shops and employed round 975 folks previous to the insolvency.
Genuine Manufacturers, the US-based group behind Juicy Couture, Reebok and plenty of different excessive profile names, remains to be the proprietor of Ted Baker’s mental property.
It hoped to discover a new companion to run the Ted Baker retail and on-line enterprise within the UK and Europe, after the failure of its earlier partnership with Dutch firm AARC.
The collapse of the UK shops may mark the top of its place on excessive streets, after being based in 1988 by Ray Kelvin and recognised for its quirky British type.
Nonetheless, the model is presently nonetheless bought via shops and retailers akin to John Lewis and Home of Fraser, so should retail some bodily retail presence.
For the reason that administration of its UK arm, numerous names together with NEXT, Frasers and US license holder OSL have been linked with a possible acquisition however to this point no deal has been reported.
Learn In Historical past: Ted Baker. A Timelne of a British Retail Icon right here.
