Close to 1,000 jobs at risk as Ted Baker set to call in administrators
Ted Baker’s owner Authentic Brands Group said that the business had built up ‘a significant level of arrears’.
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Your support makes all the difference.Hundreds of jobs could be at risk as the company behind Ted Baker filed a motion to appoint administrators to the ailing high street retailer.
Authentic Brands Group, which owns the brand, said there had been “damage” done during a partnership with Dutch firm AARC Group, which ran Ted Baker’s shops and online business in Europe.
No Ordinary Designer Label (NODL), the company which trades as 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. It has now filed a motion to appoint administrators.
Authentic, which bought Ted Baker in 2022, said that the business had built up “a significant level of arrears”.
NODL has around 975 employees and runs more than 80 shops and concessions in the UK.
In its statement, Authentic did not say whether any shops or jobs would be lost in the likely administration.
We wish that there could have been a better outcome for the Ted Baker employees and stakeholders
“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.”
Authentic, which also owns Reebok and Juicy Couture, agreed a £211 million deal to buy Ted Baker off the stock exchange in August 2022.
The deal was less than had been considered by Authentic earlier in the year when other potential suitors were circling the fashion brand.
It came after years of turmoil at the group. In 2019, Ted Baker business parted ways with its founder Ray Kelvin after allegations of harassment.
Mr Kelvin, who denied allegations of misconduct, was at the time accused of enforcing a “hugging” culture at the company, massaging employees, kissing their ears and asking someone to sit on his lap.
At that point, he had been with the company since founding it 32 years earlier.