Ted Baker set to close 15 stores with the loss of 245 jobs
Fashion brand Ted Baker is set to close 15 stores with the loss of 245 jobs.
The news follows the company’s European retail and online arm appointing Teneo as administrators last month.
Ted Baker had 46 stores in the UK and Europe at the time of the administration. The stores identified for closure are 11 loss-making shops that will be shuttered by 19 April with the loss of 120 jobs. These include sites in Birmingham Bullring, Bristol, Bromley, Cambridge, Exeter, Leeds, Liverpool One, London Bridge, Milton Keynes, Nottingham and Oxford.
Meanwhile, a further 100 jobs will be lost when four shops close in the coming weeks in Manchester Trafford, Bicester and London’s Brompton Road and Floral Street after landlords served notice.
There will also be 25 job cuts at Ted Baker’s head office to reduce costs.
Teneo said all stores set to close have no prospect of returning to profitability “even with material rent reductions”.
Authentic Brands Group, which owns the intellectual property of Ted Baker, is continuing to look for a new operating partner for the retail and online business in the UK and Europe.
Joint administrator Benji Dymant from Teneo said: “Ted Baker is an iconic British brand with strong partners around the world.
“These stores closures, whilst with a regrettable impact on valued team members, will improve the performance of the business as Authentic continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health.”
