Saturday, October 5, 2024

Ted Baker closes its last 31 UK stores

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Ted Baker speeds up closures. Authentics Brands Group, the owner of the British fashion company, has announced the closure of the remaining 31 stores the company still owns in the UK. The decision aims to favour the company’s stalled deal with Fraser Group, owned by Mike Ashley.

The British fashion company declared bankruptcy last March due to alleged mismanagement by Dutch company Aarc Group. Who served as Ted Baker’s Operating Partner, running the business in the UK and Europe.

After publicly declaring bankruptcy in April, the company announced the closure of fifteen of its 46 stores in the UK, affecting a total of 245 employees. Affected points of sale include stores in Liverpool, Cambridge or Nottingham.

In May, the fashion company’s closure plan reached the United States. Ted Baker announced the withdrawal of its 31 stores and e-commerce in North America. In Canada, the company also closed nine stores.

Despite the announcement of its closure.. The company changed course in early August and agreed with three licensees, United Legwear & Apparel, BCI Brands and Peerless Clothing, relaunch Ted Baker in North American market.

The British fashion company entered a crisis in 2022. After being hit by the pandemic, Ted Baker began looking for a buyer. In the same year, US-based Authentic Brands, a brand management group with no assets, completed the purchase of the brand in a deal worth £211m.

Ted Baker was founded in 1988 by Ray Kelvin in Scotland. Throughout its history, the company has reached a distribution network of approximately 380 institutions worldwide. The company was headed by its founder until 2019, when the leadership of the company passed to Rachel Osborne, who left her position in 2023.

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