The administrator of the company behind fashion chain Ted Baker has announced the closure of 15 stores across the UK, resulting in about 245 redundancies.
Iconic British brand Ted Baker is to shut 15 stores across the UK and cut around 245 jobs after plunging into administration.
In yet another blow to the High Street, administrators have confirmed some sites across England will pull down their shutters within days. Founder and then-CEO of Ted Baker, Ray Kelvin attends Ted Baker Wooster VIP Event on September 22, 2016 in New York City. In March 2019, Ted Baker business parted ways with Mr Kelvin after allegations of harassment made by young female colleaguesAdministrators have confirmed some sites across England will pull down their shutters within days
Benji Dymant, joint administrator, said: 'Ted Baker is an iconic British brand with strong partners around the world. The arrears were built up as the business faced tough trading last year, and during the partnership with AARC. It came after years of turmoil at the group. In March 2019, Ted Baker business parted ways with its founder Ray Kelvin after allegations of harassment made by young female colleagues.
But in 2018 he took a leave of absence when the company was forced to launch an independent investigation into his alleged behaviour following a petition from staff. 'I'm extremely proud of what we've achieved in building Ted Baker to the global brand it is today. Thank you to every single colleague, customer, supplier, and investor for your commitment to the business. We couldn't have done it without you and I'm so grateful.
The firm then issued several profit warnings and accounting blunders and faced the Covid pandemic while suffering financially.But the valuation of ABG has skyrocketed over the last few years after it was reported it sold a controlling stake the the world's largest asset manager BlackRock in August 2019 for $870million.Having worked in his family clothing business in North London since he was 11, Ray Kelvin set up Ted Baker selling men's shirts in Glasgow.
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Iconic British brand Ted Baker announces 15 stores to shut within just days after plunging into...The administrator of the company behind fashion chain Ted Baker has announced the closure of 15 stores across the UK, resulting in about 245 redundancies.
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Ted Baker to close Nottingham store as brand falls into administrationDesigner clothing shop Ted Baker is set to close its Nottingham store this month after the brand fell into administration. The luxury clothing brand entered administration last month, when No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, appointed consulting firm Teneo to oversee the process. The administrators have now confirmed the brand's only standalone Nottinghamshire location, which is on Bridlesmith Gate in Nottingham city centre, will be closed within the next two weeks. In total across Ted Baker's UK 86 stores, 145 redundancies are now expected to be made, with 120 store staff alongside 25 head office roles set to go. All 11 of the closing stores are expected to be permanently shut by Friday, April 19. The brand's entire store portfolio has been "loss-making" and administrators say the sites have no prospect of being returned to profitability, even with material rent reductions. Poll: How worried are you about Nottingham City's Council budget proposals? The locations of all the confirmed closures are listed below: In addition to the 11 branches ready to be shut down, four more will follow in the coming months. These stores had notices served before Ted Baker fell into administration, resulting in 100 more redundancies. The branches affected are: To try and make things a little easier, we have now launched a new WhatsApp community to bring you the latest news and headlines straight to your phone
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Ted Baker's Nottingham store to close this month after administrationMore than 10 of the luxury clothing brand's UK stores are set to shut for good by the end of next week
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Ted Baker falls into administration putting 46 UK stores and almost 1,000 jobs at risk...Britain’s retail apocalypse: why your favourite stores KEEP closing down
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