Thursday, November 14, 2024

500 jobs at risk as Ted Baker closes stores in Ireland and the UK

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Ted Baker will close all its remaining 31 stores tomorrow – putting more than 500 jobs at risk across Ireland and the UK.

The firm behind its UK shops – No Ordinary Designer Label – collapsed into administration in March after failing to woo younger shoppers and they have now said that despite “tireless efforts” it was unable to “overcome” the financial issues facing the brand.

This led administrators to shut 15 shops. It currently has 513 employees.

The firm was delisted from the London stock market in 2022 after being bought by US group Authentic Brands for about £210m.

Around 245 employees were laid off following the closure of 15 stores earlier this year.

Ted Baker’s UK website has also been taken offline, with customers notified that it is “not taking orders right now” and that they have 14 days to return any online purchases.

Ted Baker will close all its remaining 31 stores tomorrow – putting more than 500 jobs at risk across Ireland and the UK. (Photo by Astrid Stawiarz/Getty Images for Ted Baker London)

Authentic Brands had previously stated that it was seeking new partners in the UK and Europe to manage the Ted Baker brand, which continues to be sold through department stores like John Lewis and House of Fraser.

Although there were discussions about a potential licensing deal with Mike Ashley’s Frasers Group, it is now understood that the two companies are no longer in negotiations.

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