Shoppers outside a Ted Baker store. Photo: Simon Dawson
Hundreds of jobs could be at risk as the owner of Ted Baker filed a motion to appoint administrators to the ailing high street retailer.
Authentic Brands Group, which bought Ted Baker in 2022, said that No Ordinary Designer Label (NODL), the company which trades as Ted Baker, had built up “a significant level of arrears”.
Ted Baker has seven locations in Ireland, most of which operate out of Brown Thomas or Arnott’s stores in Ireland.
It has stores in Grafton St, Arnott’s, Blanchardstown, Kildare, Limerick, Cork and Galway.
The decision comes weeks after the end of its partnership with Dutch firm AARC, which ran Ted Baker’s shops and online business in Europe.
The arrears were built up as the business faced tough trading last year, and during the partnership with AARC.
Ted Baker walked away from the AARC deal in January after it claimed its partner had failed to meet its promise to inject cash into the business.
“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,” said Authentic’s chief strategy and transition officer John McNamara.
“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.”
In its statement Authentic did not reveal any details of cuts to jobs or shop numbers.
Ted Baker runs more than 80 shops and concessions in the UK, and in the year ending in January 2022 – the most recent accounts available for the firm – NODL employed 1,288 people. It is unclear how many it employs today.