Yahoo News Full list of Ted Baker closures as 15 stores and 245 jobs facing axe after administrators announce cuts
Ted Baker is set to close 15 of its shops and cut around 245 jobs, according to the company's administrators. The firm behind the UK stores of the fashion brand, No Ordinary Designer Label Limited (NODL), which runs an outlet within Fenwick department store in Newcastle city centre, appointed Teneo administrators last month.
Administrators announced on Monday that 11 Ted Baker outlets will be closing by the end of next week, resulting in approximately 120 job losses. In addition, about 25 redundancies will be carried out at the head office as a means of reducing central costs.
The administrators also disclosed the closure of four more stores, after landlords gave them notice of termination prior to the insolvency. These additional closures are predicted to lead to another 100 job losses, taking place "in the coming weeks".
Stores marked for closure are currently operating at a loss and "have no prospect of being returned to profitability, even with material rent reductions", the administrators informed. Authentic Brands, the American company behind brands like Juicy Couture and Reebok, continues to own Ted Baker's intellectual property.
It is actively seeking a new partner to manage the Ted Baker retail and online operation in the UK and Europe. Before filing for insolvency, Ted Baker had 46 stores in the UK, employing close to 975 individuals.
NODL partly attributed the insolvency to the "damage" experienced during their dealings with Dutch firm AARC Group, and the "significant level of arrears" accumulated over the course of this partnership.
No Ordinary Designer Label, the parent company of Ted Baker, decided to terminate its partnership with AARC in January, citing unfulfilled promises regarding financial injections into the business.
Joint administrator Benji Dymant commented: "Ted Baker is an iconic British brand with strong partners around the world."
He added, "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 operating partners for the Ted Baker brand to bring the business back to health."
Dymant also expressed gratitude, saying, "We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time."
The administrators said 11 Ted Baker stores will be shut by April 19.
This will affect the following stores:
– Birmingham Bullring
– Bristol
– Bromley
– Cambridge
– Exeter
– Leeds
– Liverpool One
– London Bridge
– Milton Keynes
– Nottingham
– Oxford
The administrators also revealed four further stores will close after landlords served notice on the sites prior to the insolvency.
This will affect the following stores:
– Bicester
– London Brompton Road
– London Floral Street
– Manchester Trafford
These stores will shut “in the coming weeks” and result in another 100 job losses.
