SHOPPERS are devastated as a beloved fashion store is set to close some of its stores in just hours.
The luxury retailer – known for selling high quality clothes at fair prices – will shut 11 branches by the end of the day.
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It’s thought 120 staff will lose their jobs after the brand fell into administration and there was no expectation the stores could be saved.
Ted Baker revealed that in total 15 of its stores would be closing and 11 will be shut by April 19 – dealing a huge blow to shoppers.
Four more stores will also close after notices were served before Ted Baker fell into administration, resulting in a further 100 redundancies.
On top of the 220 in-store redundancies, 25 head office staff will also lose their jobs, Teneo said.
Shoppers have taken to social media to share their reaction to the closures.
We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began
John McNamara
“Absolutely gutted, love Ted baker,” wrote one, “Very sad,” agreed another.
A third said: “Oh no another one going it’s my favourite one.”
A fourth remarked: “Such a shame. I have a lot of Ted Baker clothes. I hope there will be a sale.”
“We need more affordable shops but the rents are so high that they will not come,” added a fifth.
This is the full list of branches closing today:
Benji Dymant, joint administrator said: “Ted Baker is an iconic British brand with strong partners around the world.
“We would like to thank Ted Baker team members and partners for their ongoing efforts and support at this difficult time.”
“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.
Ted Baker, which currently runs 46 branches across the UK and in Ireland, crashed into administration last month.
No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, appointed Teneo to oversee the administration process.
John McNamara, chief strategy and transition officer for ABG, said the company had wished for a better outcome for employees.
He added: “We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
As recent as February, ABG said it was exploring several cost-saving measures to shore up the company’s “soaring” costs.
This followed ABG, which also owns Reebok and Juicy Couture, rescuing the high street brand as part of a £211million deal in 2022.
It comes after years of turmoil in the group.
Ted Baker started struggling in 2019 after founder Ray Kelvin quit his role following allegations of harassment.
Several profit warnings, a statement advising the stock market company profits will be lower than expected, followed.
And in 2020, the retailer said it would axe 160 jobs, branding 2019 a “challenging year”.
Ted Baker isn’t the only retailer left struggling on the high street.
Superdry plans to delist from the London Stock Exchange as the troubled fashion chain launched a restructuring plan and an equity raise.
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