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Ted Baker to appoint administrators
(Sharecast News) - Fashion brand Ted Baker is set to call in administrators, it emerged on Tuesday. Authentic Brands Group (ABG) owns the Ted Baker brand and licenses it to No Ordinary Designer Label, which trades as Ted Baker in the UK. ABG confirmed that the independent director of NODL has called in the administrators.
ABG pointed to "damage done" to Ted Baker during the time Dutch company AARC was running its stores and e-commerce business in Europe, highlighting a "significant level of arrears" built up.
Ted Baker has 86 stores in the UK and hundreds of jobs are at risk.
John McNamara, chief strategy and transition officer for Authentic Brands Group, said: "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.
"We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began."
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