Achi news desk-
Teneo was appointed administrator of the company that operates Ted Baker’s UK retail estate, No Ordinary Designer Label (NODL), last month amid claims of “damage” arising from a partnership with the Dutch company which runs Ted Baker stores and online business in Europe. AARC Group has allegedly failed to deliver on its promise to inject cash into the UK business.
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Founded in Glasgow in 1987, Ted Baker was bought by US-based Authentic Brands Group (ABG) in 2022 in the wake of the Covid pandemic. NODL, which licensed the Ted Baker brand from ABG, had approximately 975 employees across more than 80 stores and concessions prior to today’s announcement.
ABG said it is currently in the process of finding a new operating partner for the retail and e-commerce business in the UK and across Europe. Teneo said store closures are “not expected to affect the ability to find a new operating partner”.
“Ted Baker is an iconic British brand with strong partners around the world,” said Benji Dymant, co-administrator, “The closure of these stores, while having an unfortunate impact on valued team members, will improve the performance of the business, being [ABG] continues to develop discussions with potential operating partners in the UK and Europe for the Ted Baker brand to bring the business back to health.”
He added: “We would like to thank the Ted Baker team members and partners for their continued efforts and support at this difficult time.”
