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The high street brand Ted Baker is made up of more than one retailer, despite many people knowing it as a standalone fashion outlet.
According to Sky News, the firm No Ordinary Designer Label, which is owned by the Authentic Brands Group (ABG) and trades as Ted Baker has an uncertain future veering towards administration.
It is understood that the brand filed a notice of intention to appoint Teneo Financial Advisory as administrators earlier today.
The move is expected to result in widespread store closures, of which its full portfolio of UK sites is at risk.
Hundreds of job losses are anticipated if the brand does reach insolvency, though these are yet to be confirmed.
The Ted Baker store count currently stands at 86 across the country, though this could quickly be reduced to zero.
Gary Hemming, Commercial Lending Director at abcfinance.co.uk told Express.co.uk: “Ted Baker has faced a torrid few years after their founder left the business in 2019 following allegations of inappropriate behaviour.
“This had led to a real domino effect for the brand as reputational damage coupled with instability in the company hierarchy saw Ted Baker head into the pandemic in a sorry state.
“While most retail brands reacted quickly and adapted to the new market, there was a feeling that Ted Baker, already reeling, failed to do so.”
He continued: “From there, a death spiral has ensued as the brand has slipped to irrelevance, being replaced by newer, fresher brands that have managed to capture the interest of shoppers.
“Sadly, even well-known national brands aren’t immune to these sorts of failings, around business financial management, poor sales and brand damage have proven too much to deal with”.
It’s not just a bad reputation that the fashion retailer has had to contend with as of late. Its possible administration follows the brand being delisted from the London stock market after it was bought by ABG for around £210million back in 2022.
ABG’s chief strategy and transition officer, John McNamara, said: “Despite our tireless efforts, the damage done during a period under [the Dutch company] AARC in which No Ordinary Designer Lable built up a significant level of arrears was too much to overcome.
“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.”
He went on to say that the firm remains focused on securing a new partner for the Ted Baker brand in the UK, which will help it to grow across the continent where it began.
