Ted Baker’s head office employees face an uncertain future due to a potential takeover.
- Frasers Group is nearing a deal to acquire Ted Baker’s UK operations.
- The anticipated agreement may exclude current head office staff from future plans.
- Just under 100 employees have faced three rounds of redundancies since March.
- Efforts are ongoing to clear stock while awaiting potential operational changes.
Ted Baker staff are currently navigating a phase of profound uncertainty as administration-driven changes loom large over its UK operations. The Frasers Group is reported to be close to finalising an acquisition, yet details emerging from Drapers suggest that the deal might not encompass the firm’s London-based head office workforce. This workforce, numbering slightly fewer than 100, has endured three separate redundancy exercises since the appointment of Teneo as administrator in March.
In an effort to manage stock more effectively, Teneo has reportedly engaged Hilco, a restructuring specialist, to assist in inventory clearance. An email to staff, reviewed by Drapers, acknowledges the insecurity felt among the employees and indicates trading under the current strategy will likely continue until mid-August, with further updates promised as clarity increases.
The brand has simultaneously ceased operations in North America, shuttering stores and halting website sales earlier in May. Authentic Brands Group, Ted Baker’s parent company, has expressed optimism about the brand’s prospects, revealing that new partnerships for concessions, wholesale distribution, and e-commerce are nearing finalisation. However, despite their commitment to the brand’s future, Teneo refrained from commenting further on these matters.
The future of Ted Baker’s current head office staff remains uncertain as restructuring efforts continue and new agreements are negotiated.
