BRITISH clothing chain Ted Baker is to go into administration across Europe due to outstanding debt and a difficult retail environment, a statement sent to AFP on Tuesday said.
“We wish that there could have been a better outcome for the Ted Baker employees and stakeholders,” John McNamara, the chief strategy and transition officer at Authentic Brands Group (ABG), the brand’s parent company, said in the statement.
“We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began,” McNamara added.
Ted Baker was acquired in 2022 for £211 million (S$361 million) by ABG, which also owns Reebok and Juicy Couture.
Over 1,000 jobs are at risk, according to The Guardian.
No Ordinary Designer Label (NODL), the holding company that manages the brand, filed a document with a court in London on Tuesday indicating the group’s intention to place the clothing chain into administration.
ABG provided additional financing while it looked at options for the clothing chain and is in “advanced discussions with several potential operating partners” for the brand.
While the company looks for new financial partners or a buyer, the stores will remain open and the website will continue to take orders.
Wholesale operations in Europe and retail and wholesale operations in the United States will continue to function as normal.
Ted Baker, which was founded in 1987, has been in crisis for several years.
The brand was hit by a sexual harassment scandal involving its founder Ray Kelvin which led to his resignation, along with his management team, in 2019. AFP
