By Laura McGuire
Some 245 jobs and 15Ted Baker stores have been terminated as part of its administrative process, in another blow to high street.
On Monday, the retailer’s joint administrators said the handful of unprofitable stores, including a location in London Bridge, would shutter resulting in a total of 100 job losses.
Additionally, around 25 head office roles have also been slashed in efforts to shore up extra costs.
No Ordinary Designer Label Limited, which licences the Ted Baker brand from Authentic Brands, made a notice to appoint joint administrators Daniel Smith of Teneo Financial Advisory Limited.
This afternoon, the pair said they were made aware landlords had also served notice on four additional stores in Bicester, London – Brompton Road, London – Floral Street, and Manchester Trafford.
The stores will close in the coming weeks and result in around a further 100 redundancies. All sites mentioned today are expected to cease trading by 19 April 2024.
Around 31 stores excluding concessions remain in operation following today’s process.
Benji Dymant, joint administrator said: “Ted Baker is an iconic British brand with strong partners around the world.
“These store closures, whilst with a regrettable impact on valued team members, will improve the performance of the business, as Authentic continues to progress discussions with potential UK and European operating partners for the Ted Baker brand to bring the business back to health.”
He added: “We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time.”
Today’s news delivers another blow to the UK’s ailing high street.
Other high profile insolvencies include The Body Shop in February, as well as fashion online luxury fashion retailers MatchesFashion and Farfetch.
Questions about the lifespan of fashion brand Superdry also remain, after founder Julian Dunkerton failed to find a backer to help take the business private again.
