Fashion chain Ted Baker will close all its stores in the UK and Ireland this week, bringing an end to its position on high streets and putting more than 500 jobs at risk.
Its 31 remaining stores in the UK and Ireland will close before the end of the day on Tuesday and the website has also been pulled.
Ted Baker was founded by Ray Kelvin, who opened his first shop in Glasgow in 1988, and the brand’s clothing and accessories are widely recognised for their patterns and florals.
Its future was put at risk when the firm behind its UK shops, No Ordinary Designer Label Limited (NODL), collapsed into administration in March.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
A different American company, Authentic Brands, which owns Ted Baker’s intellectual property, said that despite “tireless efforts” it could not “overcome” the financial issues the business faced.
Authentic blamed the process on “damage” done during a partnership with Dutch company AARC Group, and the “significant level of arrears” that had built up during the association.
Ted Baker had also flagged economic challenges in recent years, having faced weaker consumer demand and difficulties in its supply chain, after being among the luxury retailers to take a hit during the Covid pandemic.
The failure to save the shops puts hundreds of jobs at risk.
Some 513 employees across the UK and in its head office, and 78 in Ireland, are expected to be affected by the remaining closures.
About 245 staff were made redundant after 15 shops were shut earlier in the year.
Ted Baker’s UK website has also been pulled, and customers told it is “not taking orders right now”, and that they have 14 days to return orders made online.
Authentic previously said it was hoping to find new UK and European operating partners to run the Ted Baker brand, which is currently sold through department stores and retailers such as John Lewis and House of Fraser.
There had been reports that a licensing partnership could be struck with Mike Ashley’s Frasers Group, but it is understood that the two companies are no longer in talks.
Authentic, the US-based firm also behind global brands including Juicy Couture and Reebok, bought Ted Baker for £211 million (€247 million) in 2022.
It did not comment on the confirmation of shop closures this week.
Ted Baker continues to have more than 30 licensing partners globally that are unaffected by the UK and Ireland administration, including in North America, Asia and the Middle East. – PA
