Ted Baker is to close all its remaining UK stores, resulting in the loss of 500 jobs, as potential rescue talks with Mike Ashley’s Frasers Group reach a deadlock.
The closures bring an end to the retailer’s presence on British high streets, following months of financial difficulties and the bankruptcy of its UK holding company, No Ordinary Designer Label (NODL). The company entered administration in March, which led to a series of store closures.
The potential deal with Frasers Group, which also owns several other prominent brands, had fuelled hopes for a reprieve for Ted Baker. However, the discussions have now stalled, with no agreement in sight. Ted Baker’s US-based parent company, which acquired the brand’s intellectual property in 2022 for £211 million, cited significant arrears and disappointing sales as the main issues.
Earlier this year, 15 Ted Baker stores were shuttered, resulting in 245 job losses. The brand’s troubles intensified after its founder stepped down in 2019 amid allegations of inappropriate behaviour. This was followed by multiple profit warnings and executive departures, further exacerbated by the economic impact of the pandemic.
Frasers Group was reportedly negotiating with the parent company to secure a licensing deal for Ted Baker, potentially adding it to their repertoire of brands. However, the negotiations have failed to progress, leading to the closure of the remaining stores and casting uncertainty on the brand’s future in the UK. Administrators from Teneo, overseeing NODL’s administration, have not commented on the situation. Both Frasers Group and Ted Baker’s parent company have also been contacted for further comments.
The closure of Ted Baker’s UK stores signifies the end of an era for the iconic brand on British high streets, with substantial job losses and an uncertain future ahead.