Ted Baker to close a third of UK stores, including those in major malls

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Ted Baker to close a third of UK stores: In the wake of its UK arm’s administration filing, Ted Baker has revealed intentions to shut down fifteen stores across the country, laying off as many as 245 employees.

Administrators Eleven of Teneo’s locations will close their doors by April 19th, resulting in the loss of 120 jobs at the stores and 25 positions at the headquarters. Stores in major districts like London Bridge, Bromley, Birmingham Bullring, Bristol, Cambridge, Exeter, Leeds, Liverpool One, Milton Keynes, Nottingham, and Oxford are among those that will be closing. There is no way these stores can turn a profit, not even with drastic rent cuts. They are considered financially unsustainable.

There are four further stores set to close in the next weeks at prominent sites such Manchester Trafford, Bicester, Floral Street in Covent Garden, and London’s Brompton Road, all of which have been served notice by their landlords. Approximately one hundred additional layoffs are anticipated concurrently with these closures.

These fifteen locations represent roughly a third of Ted Baker’s domestic store closures. Problems such as rising costs, interrupted supply chains, and bad weather have plagued the company since Authentic Brands Group bought it out for about £210 million a little over 18 months ago. The Dutch business AARC was Authentic Brands Group’s distribution partner in important areas like the UK until last spring, when the two companies’ collaboration was ended.

With a license from Authentic Brands Group, Ted Baker’s UK division runs under the moniker No Ordinary Designer Label (NODL). The efforts to resolve the company’s financial issues and prepare it for a comeback were evident in last month’s appointment of administrators. Authentic Brands Group is currently in talks with possible operational partners in the UK and Europe to reinvigorate the Ted Baker brand, and joint administrator Benji Dymant is optimistic that these steps will help improve the company’s profitability.

Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

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