(qlmbusinessnews.com Mon. 19th Aug, 2024) London, UK —
“End of an Era: Ted Baker to Close All Remaining UK Stores This Week”
The iconic fashion brand Ted Baker is set to close its remaining 31 stores across the UK this week, putting more than 500 jobs in jeopardy. The closures, expected to be completed by Tuesday, mark the end of the brand's physical retail presence in the country.
This follows the collapse of No Ordinary Designer Label (NODL), the firm responsible for Ted Baker's UK operations, which entered administration in March. In April, administrators closed 15 stores and cut 245 jobs as part of their efforts to manage the fallout.
Before its financial difficulties, Ted Baker employed around 975 people in the UK and operated 46 stores, along with an online platform and concessions in department stores. Currently, 513 staff are employed by NODL across the remaining stores and at its head office.
The Ted Baker brand itself is owned by US-based Authentic Brands Group (ABG), which acquired its intellectual property. NODL served as the holding company for Ted Baker’s UK operations. When NODL entered administration, ABG attributed the financial woes to “irreparable damage” caused by previous business arrangements.
Despite ongoing discussions about finding new UK and European partners to manage Ted Baker's operations, talks have reportedly stalled, according to a report by Sky News.
Ted Baker, which began as a menswear brand in Glasgow in 1988, expanded its reach across the UK and into the United States, with further licensing agreements in Asia and the Middle East. However, the company has faced significant challenges in recent years, starting with the resignation of founder Ray Kelvin in 2019 following misconduct allegations, which he denied. The subsequent resignation of CEO Lindsay Page and Chairman David Bernstein in 2020, following a profit warning, further destabilised the company.
The 31 stores closing include locations in major cities such as London, Glasgow, and Dublin, as well as key outlets at major airports like Heathrow and Gatwick. The brand's licensed stores in Asia and the Middle East will remain unaffected by these closures.
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