Iconic fashion icon Ted Baker is bidding farewell to 15 of its stores across Britain, sending 245 jobs packing.
The decision comes because of the fashion giant’s tumble into administration. With its European retail and online arm appointing Teneo as administrators back in March, the brand’s struggle in the harsh trading climate and the aftershocks from founder Ray Kelvin’s 2019 exit—amidst claims of “forced hugs”—have taken their toll.
Benji Dymant from Teneo, the joint administrator of No Ordinary Designer Label, which handles Ted Baker in the UK and Europe, confirmed the closures, labelling them as “regrettable.”
In a statement, he said, “This move will give the business a much-needed performance boost, as Authentic continues to court potential UK and European partners to nurse the Ted Baker brand back to health.”
Just this week, the axe fell on 11 of Ted’s loss-making stores, lined up to be implemented by April 19, cutting 120 jobs. Among the casualties are outlets in Birmingham’s Bullring, Liverpool, Oxford, Leeds, Bristol, Milton Keynes, and Nottingham.
Teneo revealed that there’s no magic spell to make these stores profitable, even with rent slashed to the bone. And it’s not just the shops feeling the pinch—25 head office roles are on the chopping block to trim costs. Four more stores are set to bid adieu in the coming weeks, with Manchester, Bicester, and a couple of London spots facing closure.
But fear not, because Authentic Brands, the brain behind Ted Baker’s intellectual property, is still on the prowl for a new partner to breathe life back into the UK and European retail scene.
These closures hit the British high street right in the feels, adding to a string of big-name retailer exits since the year kicked off. With the cost of living crisis distressing at profits and the UK slipping into recession, it’s a rough time for retail.
Main image: The Sun
