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15 UK Stores to Close and 245 Jobs Lost for Ted Baker

19th March, 2024
Robert Moore

Written ByRobert Moore

Marketing Manager


+447584583884

Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.

Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.

Robert Moore
ted baker

08th April 2024

Administrators announce that Ted Baker is to close 15 UK stores (of which ”have no prospect of being returned to profitability, even with material rent reductions”) and cut 245 jobs.

Of this, 11 stores will close by 19 April, resulting in the loss of 120 jobs.

Then 25 roles from head office will go along with a further 4 stores, impacting the remaining 100 jobs.

For the full list of closing stores:

  • Birmingham Bullring
  • Bristol
  • Bromley
  • Cambridge
  • Exeter
  • Leeds
  • Liverpool One
  • London Bridge
  • Milton Keynes
  • Nottingham
  • Oxford
  • Bicester
  • London Brompton Road
  • London Floral Street
  • Manchester Trafford

 

22nd March 2024

Teneo has been appointed as administrator of No Ordinary Designer Label (NODL) Limited – the company of which runs 46 Ted Baker stores in the UK along with a website and concessions.

NODL has approx. 975 employees.

Authentic Brands, which licenses the Ted Baker brand to the NODL, is in advanced discussions with potential buyers for the company.

Reported reasons for the appointment of administrators are the struggles the firm faced following damage done during a partnership and a high level of arrears built up during a partnership with AARC Group. At the end of January 2024 AARC and NODL cut ties.

 

19th March 2024

 

It has been reported that Ted Baker, the clothing retailer, has filed a Notice of Intention to Appoint Administrators. This move is designed to give it a chance of recovery by protecting it from creditors legal actions for a 10 day period.  An injection of capital or a sale is hoped to be achieved during this period.

A filed winding up petition (subsequently withdrawn) forced Ted Baker’s hand.

This latest move comes after the company delisted from the Stock Exchange and was sold to US-based Authentic Brands Group (ABG) for a knockdown price of £210m.  This follows a similar pattern to The Body Shop that was also bought out by private equity and then months later went into administration.

Why don’t these companies consider using a CVA to lower their debt?

The likely reason is that these companies have been loaded with lots of secure debt which cannot be compromised by a CVA.  Property costs, HMRC, and suppliers are unsecured and can be bound by the terms of a CVA.  So, in essence, it wasn’t expensive shop premises that have caused problems but indebtness.

Ted Baker has suffered, like many other retailers, by the lockdowns, cost of living crisis and has borrowed money to try and survive.

John McNamara, chief strategy officer for Authentic Brands Group, said: “We wish that there could have been a better outcome for the Ted Baker employees and stakeholders. We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”

The company employs more than 900 staff and currently operates 46 stores across the country, as well as online and through department store concessions.

There has not been an announcement on any redundancies yet.