Due to unpaid debt and a challenging retail market, the British clothing retailer Ted Baker has announced that it is going into administration throughout Europe.
“We wish that there could have been a better outcome for the Ted Baker employees and stakeholders,” Mr John McNamara, the chief strategy and transition officer at Authentic Brands Group (ABG), the brand’s parent company, said in the statement.
ABG, which also owns Juicy Couture and Reebok, paid £ 211 million (US $ 360 million) in 2022 to purchase Ted Baker. Reports claim that over 1,000 jobs are in jeopardy.
The holding company that oversees the business, No Ordinary Designer Label, announced the group’s plan to put the clothing chain into administration in a document submitted to a London court on 19th March.
While it considered its alternatives for the clothing chain and is in “advanced discussions with several potential operating partners” for the brand, ABG offered more finance.
The stores and website will stay operational and accepting orders while the company searches for new investors or a buyer. Retail and wholesale operations in the US as well as wholesale operations in Europe will carry on as usual.
