Ted Baker prepares to appoint administrators leaving more than 900 jobs at risk
19 March 2024, 18:36
British fashion brand Ted Baker has called in administrators, leaving more than 900 jobs at risk.
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Authentic Brands Group, which owns the brand, said "damage" had been done during a partnership with Dutch firm AARC Group, which ran Ted Baker across Europe.
The business built up "a significant level of arrears", Authentic said.
No Ordinary Designer Label (NODL), the company which trades as Ted Baker, walked away from the deal in January.
It has now filed a motion to appoint administrators, after claiming AARC failed to meet its promise to inject cash into the business.
NODL has around 975 employees and runs more than 80 shops and concessions in the UK.
Authentic, which bought Ted Baker in 2022, did not say whether any shops or jobs would be lost in the potential administration.
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"Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome," chief strategy and transition officer John McNamara said.
"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.
"We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began."
Authentic bought Ted Baker off the stock exchange for £211 million in August 2022.
