Ted Baker to call in administrators
While the administration process is expected to result in store closures and job losses, ABG did not give any indication of job loss numbers in a statement
The US owner of Ted Baker, Authentic Brands Group, has announced its intention to appoint Teneo Financial Advisory as administrators of the fashion group.
It is understood that ABG is in “advanced discussions” with many potential clients for the brand.
Currently, Ted Baker has approximately 975 employees and runs 46 stores, as well as an e-commerce platform and department store concessions.
While the administration process could result in store closures and job losses, ABG has yet to give any indication of the number of jobs and stores at risk.
The news comes after the US group acquired Ted Baker in 2022 in a £210m deal.
Ted Baker subsequently entered a brand licensing partnership with Dutch group AARC, which was abandoned in January 2024 due to a dispute.
Ted Baker will continue to trade during the insolvency process.
John McNamara, group chief strategy and transition officer at ABG, said: “Despite our tireless efforts, the damage done during a period under AARC in which NODL [Ted Baker] built up a significant level of arrears was too much to overcome.
“We wish that there could have been a better outcome for the Ted Baker employees and stakeholders. It is hopefully some consolation for customers that NODL will continue to trade online and in stores.”
He added: “We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
