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26 May 14:00

About our Ted Baker news

Latest news on Ted Baker, the iconic British fashion brand, as it files for administration amid financial struggles, putting hundreds of jobs at risk and potentially leading to store closures.

Founded in Glasgow in 1988 by Ray Kelvin, Ted Baker has grown into a global lifestyle brand known for its distinctive designs, quality craftsmanship, and quirky British sense of humour. With a presence in over 50 countries and a portfolio that includes menswear, womenswear, accessories, fragrances, and homeware, Ted Baker has established itself as a beloved name in fashion.

However, the company has faced significant challenges in recent years. On Tuesday, 19 March 2024, Ted Baker's British operations, trading under No Ordinary Designer Label, filed a notice of intention to appoint Teneo Financial Advisory as administrators. This move is expected to result in store closures and job losses, although the exact scale remains unclear. The company assures that no redundancies will be announced on the first day of the insolvency process.

Ted Baker's troubles began in 2019 when founder Ray Kelvin left amid claims of inappropriate behaviour towards female colleagues. The company subsequently issued multiple profit warnings and faced accounting mishaps, all while navigating the challenges posed by the COVID-19 pandemic. In 2020, the retailer axed hundreds of jobs and raised £100m to shore up its balance sheet.

The current administration filing comes roughly 18 months after Ted Baker delisted from the London stock market following its acquisition by ABG for approximately £210m. A recent brand licensing partnership with Dutch company AARC was abandoned due to a dispute between the parties, further compounding Ted Baker's woes.

Despite the administration process, Ted Baker is expected to continue trading online and in stores. ABG's chief strategy and transition officer, John McNamara, expressed regret over the outcome, stating, "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."

As the situation unfolds, the fashion industry and consumers alike await further updates on the future of this iconic British brand. The NewsNow feed will continue to provide the latest developments, curating relevant stories from trusted sources to offer a comprehensive overview of Ted Baker's journey through this challenging period.

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