Ted Baker to Close All UK Stores

All remaining Ted Baker stores in the UK and Republic of Ireland are set to close by the end of Tuesday, August 20, putting over 500 jobs at risk. The closures follow stalled negotiations between retail mogul Mike Ashley's Frasers Group and Authentic Brands, the owner of Ted Baker's intellectual property. The brand's UK retail operations, managed by No Ordinary Designer Label (NODL), fell into administration in March, leading to the shutdown of 31 stores. The impending closures come after NODL had already shut 15 stores, resulting in approximately 245 redundancies. Prior to its financial troubles, Ted Baker operated 46 stores in the UK and employed around 975 people. Staff at the remaining locations were informed last month of their impending job losses as the brand's presence on the high street dwindles. Authentic Brands, which also owns brands like Juicy Couture and Reebok, had hoped to establish a new partnership to manage Ted Baker's retail and online business in the UK and Europe. However, the failure to secure a deal with Frasers Group raises questions about the brand's future, despite its continued availability through some department stores. The decline of Ted Baker can be traced back to 2019 when founder Ray Kelvin departed amid allegations of inappropriate behavior. The company has since faced a series of financial challenges, including profit warnings and the impact of the COVID-19 pandemic, leading to significant job cuts and a delisting from the London stock market in 2022.