Ted Baker is reportedly facing significant transformations, raising concerns over its high street presence.
- Reports suggest an impending closure of all Ted Baker stores in a matter of three weeks.
- The company informed its staff of the potential closures, although final decisions are pending.
- Ted Baker has undergone administrative changes since its acquisition by Authentic Brands Group in 2022.
- The brand’s history traces back to its 1988 origin in Glasgow as a menswear label.
Ted Baker is on the brink of a substantial operational shift, according to recent reports, which indicate that the fashion brand could soon vanish from high streets altogether. The Times reported that the company plans to shut down all its stores within three weeks, creating uncertainty for its UK and European retail footprint. This potential move could have considerable implications for the 975 employees currently based across the region.
Last weekend, staff members were apprised of the tentative closure plans. Although these developments have not been finalised, the anticipation of such changes has already impacted organisational morale. Ted Baker began its journey as a menswear brand in 1988 in Glasgow and evolved significantly, reaching a global presence by 2014.
Following its acquisition by Authentic Brands Group (ABG) in 2022 for £211m, Ted Baker has been operating under the No Ordinary Designer Label trading arm. On 19 March 2024, ABG took steps to restructure by appointing Teneo senior managing directors Benji Dymant and Daniel Smith as joint administrators. Shortly thereafter, on 22 March, No Ordinary Designer Label entered administration, leading to the closure of 15 stores and the loss of nearly 250 jobs.
At its zenith, by 2014, Ted Baker had expanded to encompass 500 stores and concessions worldwide, including significant markets in Europe, Canada, the Middle East, and Asia, among others. The recent developments, however, mark a stark contrast to its previous international expansion strategy.
Teneo has been approached for comment regarding these ongoing developments. The fashion retail sector continues to grapple with evolving market conditions and consumer preferences, which have invariably contributed to Ted Baker’s current predicament.
The imminent potential closure of Ted Baker stores signifies a dramatic turn for the brand, reflecting broader challenges within the retail industry.
