Ted Baker’s US licensing partner OSL is a frontrunner to take control of the fashion retailer’s European arm, which includes dozens of UK stores, after it recently fell into administration.
OSL was appointed to run the business’s American retail company for US owner Authentic Brands just over a year ago, Sky News reports.
Reports have emerged that Next and Frasers Group have also recently expressed interest in snapping up its European arm.
Adminstrators revealed this week that Ted Baker would close 11 of its UK stores while landlords have served notice on an additional four sites, which will collectively lead to 245 job losses at the retailer.
Approximately 120 roles are expected to be lost at the 11 stores the fashion retailer has decided to close, with an additional 100 redundancies from the stores landlords have served notice on.
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Additionally, a further 25 head office workers have also been made redundant due to “a necessary reduction in central costs”.
In March, Ted Baker’s UK operator filed a notice to appoint administrators.
No Ordinary Designer Label – which licenses the brand in the UK and Europe from Authentic Brands Group – filed a notice to appoint Teneo Financial Advisory to lead an insolvency process of its UK operations last month.
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