Almost 250 jobs lost as Ted Baker announces store closures
Ted Baker has announced that it will close 11 stores and cut head office roles, resulting in 145 redundancies.
120 store staff alongside 25 head office roles have been axed as administrators at Teneo look to reduce central costs.
Each store is currently loss-making and administrators say the sites have no prospect of being returned to profitability, even with material rent reductions. Closing stores will all have ceased trading by April 19.
The stores to be closed as part of the administration are:
- Birmingham Bullring
- Bristol
- Bromley
- Cambridge
- Exeter
- Leeds
- Liverpool One
- London Bridge
- Milton Keynes
- Nottingham
- Oxford
Before joint administrators Benji Dymant and Daniel Smith were appointed, landlords had 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 a further 100 redundancies.
Authentic Brands Group the owner of the intellectual property of Ted Baker, is currently in the process of finding a new operating partner for the retail and e-commerce business in the UK and across Europe.
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”.
