Ted Baker to ‘close all stores’ in a matter of weeks as hundreds face unemployment
26 July 2024, 15:49
15 stores were closed by administrators in April
Listen to this article
Loading audio...
Ted Baker could soon vanish from the high street for good, with administrators planning to shut all stores within the next month.
Staff at the struggling clothing brand have been told they will be losing their jobs in the next three weeks, according to a new report by The Sun.
Sources told the publication that, while these plans are yet to be finalised, it is likely all stores will be closed in a matter of weeks.
Ted Baker was plunged into administration in early 2024 after a deal between its owners Authentic Brands, and a Dutch operating partner for the running of its physical stores collapsed.
LBC has contacted administrators at Teneo for comment.
15 stores across the UK were closed by administrators in April, seeing 245 people lose their jobs.
Those stores were:
- Birmingham Bullring
- Bristol
- Bromley
- Cambridge
- Exeter
- Leed
- Liverpool On
- London Bridge
- Milton Keynes
- Nottingham
- Oxford
- Bicester
- London Brompton Road
- London Floral Street
- Manchester Trafford
If the remaining 31 stores close, as many as 730 people will be left unemployed.
Administrators at Teno have been hunting for a potential buyer to rescue the brand, with Mike Ashley’s House of Fraser exploring the possibility before pulling out.
Speaking after closing the 15 stores, Authentic Brands Group chief strategy and transition officer John McNamara said: “We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.”
