Ted Baker’s UK operator has filed a notice to appoint administrators, putting hundreds of jobs at risk.
According to Sky News, No Ordinary Designer Label (NODL) – which licenses the brand in the UK and Europe from Authentic Brands Group (ABG) – has filed a notice to appoint Teneo Financial Advisory to lead an insolvency process of its UK operations.
The move, which is expected to lead to store closures and job losses, comes around 18 months after ABG bought the fashion chain for £211m.
Last month, ABG terminated its relationship with AARC, the Dutch firm that it hired to run Ted Baker’s stores and ecommerce operations in the UK and Europe.
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ABG had provided AARC with a short-term loan back in October to provide stable footing amid financial struggles at the firm, however, it said that AARC had “consistently failed to inject promised funding into the business and meet its financial obligations”.
ABG chief strategy and transition officer John McNamara told the publication: “Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome.
“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.”
Teneo declined to comment.
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