By Laura McGuire
Hundreds of high street jobs could be placed at risk after the owners of Ted Baker filed a notice to appoint administrators.
No Ordinary Designer Label Limited, which is owned by Authentic Brands, and trades under the Ted Baker brand made a notice to appoint administrators this afternoon.
The move is likely to lead to job losses and the closure of some sites across its estate of around 80 stores and concessions in the UK.
Authentic Brands, was previously reported to be mulling a cost cutting plan as part of efforts to mitigate soaring rental prices across its UK locations.
The American firm, which owns almost 50 brands including Reebok and Forever 21, snapped up the company in late 2022 for £211m.
According to a report in Sky News‘ Mark Kleinman, Ted Baker will continue to trade during the insolvency process.
Today’s report serves as another blow to the UK high street which has seen a number of brands plunged into hot water due to rising costs and shoppers spending less.
Aurelius, the German owners of the Body Shop, announced the ethical cosmetics company would appoint administrators after poor trading over Christmas.
Questions about the lifespan of fashion brand Superdry also remain, as the future of the ailing company hinges on whether or not founder Julian Dunkerton can find a backer to help take the business private again.
Superdry which has 98 stores across the UK, has been struggling to keep its head above ground for months, launching a number of schemes to shore up extra costs.
Back in October, it signed a joint venture with Reliance Brands Holding UK Ltd (RBUK) for the sale of its intellectual property in South Asia, in its latest bid to boost funds.
It mirrored an agreement announced by Superdry in March to sell the intellectual property of its Asia Pacific offering to South Korean retail group Cowell Fashion Company for $50m (£40m).
City A.M has contacted Authentic Brands for a comment.
