Ted Baker to close 15 stores across UK - with hundreds of jobs to go - Sky News

Ted Baker is to shut 15 of its stores across the UK within weeks, the retailer's administrators have announced.

Around 245 staff will be made redundant.

It comes after Sky News revealed that hundreds of jobs were at risk after the company behind the brand's UK shops, No Ordinary Designer Label Limited (NODL), collapsed last month.

In a statement, the administrators confirmed 11 UK stores will close by 19 April, resulting in the loss of about 120 roles.

A further four stores will also shut "in the coming weeks", resulting in 100 additional redundancies.

These shops had already been earmarked for closure prior to the firm's collapse, it has been revealed.

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Around 25 head office jobs will also be axed as part of cost-cutting plans, administrators Teneo Financial Advisory said.

The 11 branches which will close as part of the administration process include:

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• Birmingham Bullring
• Bristol
• Bromley
• Cambridge
• Exeter
• Leeds
• Liverpool One
• London Bridge
• Milton Keynes
• Nottingham
• Oxford

Administrators said the shops were "all currently loss-making" and had "no prospect of being returned to profitability, even with material rent reductions".

They added: "As such, their closure is believed to be a constructive and necessary step in ensuring the business can deliver a profitable trading performance in the future."

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The four other branches to close are:

• Bicester
• London - Brompton Road
• London - Floral Street
• Manchester Trafford

US-based firm Authentic Brands Group, which owns the intellectual property of Ted Baker, is "currently in the process" of finding a new partner to run the fashion brand's retail and online business in the UK and Europe.

Joint administrator Benji Dymant, from Teneo, said: "Ted Baker is an iconic British brand with strong partners around the world.

"These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as Authentic continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health."

Ted Baker had 46 UK stores and employed around 975 people before the insolvency in March.

The brand told Sky News that, following the latest cuts, it will be left with 31 branches and 564 employees in the UK.

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2024-04-08 13:29:50Z
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