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Ted Baker, the renowned fashion retailer, has revealed plans to close 15 of its stores across the United Kingdom in the coming weeks, resulting in the loss of hundreds of jobs.
The closures follow the company’s collapse into administration last month, with further redundancies anticipated at its head office.
The closures will affect approximately 245 staff members, with around 120 roles being eliminated as 11 UK stores shut down by 19 April. An additional 100 redundancies will occur as four more stores close in the ensuing weeks. These closures were previously slated before the company’s administration.
Administrators from Teneo Financial Advisory confirmed that the 11 stores earmarked for closure are currently operating at a loss and have no foreseeable path to profitability, even with significant rent reductions. As a result, shuttering these locations is deemed necessary to enhance the business’s future profitability.
The 11 branches set for closure as part of the administration process include:– Birmingham Bullring– Bristol– Bromley– Cambridge– Exeter– Leeds– Liverpool One– London Bridge– Milton Keynes– Nottingham– Oxford
An additional four branches will also close:– Bicester– London – Brompton Road– London – Floral Street– Manchester Trafford
The closures aim to streamline Ted Baker’s operations and improve its overall performance, as the brand’s intellectual property owner, Authentic Brands Group, seeks new partners to manage its retail and online business in the UK and Europe.
Joint administrator Benji Dymant of Teneo emphasized Ted Baker’s significance as an iconic British brand and expressed confidence in finding suitable operating partners to revive its business.
Prior to the administration, Ted Baker operated 46 stores in the UK and employed approximately 975 individuals. Following the closures, the brand will maintain 31 branches and employ 564 staff members in the UK.
The move underscores Ted Baker’s efforts to navigate its financial challenges and position itself for sustainable growth in the future.
