Ted Baker is set to close its last 31 stores as future negotiations falter.
- The closures mark the end of Ted Baker’s UK retail presence after attempts to secure a deal fell through.
- Approximately 500 jobs are at risk due to these impending closures.
- Negotiations between Frasers Group and Authentic Brands Group have stalled, leaving the stores in limbo.
- Ted Baker’s website and concessions have already been shut down as part of the winding-up process.
Ted Baker is on the brink of closing its final 31 stores, a move that signifies the cessation of its physical retail operations within the UK. Despite earlier hopes, negotiations with prospective partners have not materialised into a viable deal. The closures are set for 20th August, impacting around 500 employees in the process.
The storied fashion brand’s efforts to secure its British operations were dealt a blow as discussions with Frasers Group stalled. Although Mike Ashley’s Frasers Group had emerged as a potential saviour, an agreement could not be reached, prompting the shuttering of the remaining outlets.
Amid these developments, Ted Baker’s workforce of 975 individuals, as of March, finds itself in a precarious position. With 46 stores across the UK and Europe, the closures reflect a larger issue as the brand navigates financial instability. Excluding concessions, these steps indicate a complete withdrawal from the market.
In March, Ted Baker operationally restructured by appointing Teneo senior managing directors Benji Dymant and Daniel Smith as joint administrators. This administrative shift resulted in an initial closure of 15 stores and a consequential 250 job losses, marking the beginning of the brand’s decline.
Teneo has confirmed that all stores will cease operations by the closure of business on the scheduled date. The inability to finalise a deal with new operational partners signalled the end of trading for the brand’s physical and online presence within the UK market.
Ultimately, Ted Baker’s store closures underscore the difficulties in concluding a rescue deal, leading to significant employment ramifications.
