The British fashion label Ted Baker is facing financial difficulties and will completely shut down all of its UK stores on August 20, 2024.
The company had been under increasing pressure following the collapse of its existing UK license partner, No Ordinary Designer Label (NODL).
Around May this year, reports indicated that Frasers Group, led by Mike Ashley, was moving towards acquiring Ted Baker. However, it now appears that this retail licensing deal is unlikely to go through. Authentic Brands Group, the owner of the Ted Baker brand, has stated that there are no ongoing negotiations with Frasers Group and has not provided further details on why the talks fell through.
Other potential candidates, such as Next and Ted Baker’s former U.S. license partner, OSL, had also been considered, but it is now unclear whether those acquisition talks will be revived.
No Ordinary Designer Label appointed the restructuring firm Teneo as administrator in March this year, leading to the closure of 15 stores in the UK and the layoff of 245 employees. With the closure of all remaining UK stores, an additional 500 employees are expected to lose their jobs.