Teneo, the administrator of the Authentic Brands Group’s Ted Baker brand, which was operated in the UK & Europe by No Ordinary Label Ltd., has announced the closure of eleven of Ted Baker’s UK stores, with store landlords having served notice on four other sites. Teneo said that the stores it is closing are loss-making and offer no prospect of becoming profitable even if material rent reductions were offered. The stores will be shuttered by 19th April, resulting in 200 job losses across the affected sites, with a further 25 at head office.
Benji Dymant, joint administrator, Teneo said: “Ted Baker is an iconic British brand with strong partners around the world. These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as Authentic continues to progress discussions with potential UK and European oprating partners for the Ted Baker brand to bring the business back to health.”
Share