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UK's Ted Baker plans to call in administrators, owner ABG says
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UK's Ted Baker plans to call in administrators, owner ABG says
Mar 19, 2024 11:09 AM

March 19 (Reuters) - British fashion retailer Ted Baker

plans to appoint administrators, a spokesperson for owner

Authentic Brands Group (ABG) confirmed on Tuesday, more than a

year after it sold itself to the U.S.-based fashion group.

The intention to appoint administrators comes six weeks

after No Ordinary Designer Label (NODL), which trades under Ted

Baker's brand, terminated its partnership with Dutch firm AARC

on Jan. 29.

"The damage done during a period under AARC in which NODL

built up a significant level of arrears was too much to

overcome," John McNamara, strategy and transition chief for ABG,

said in response to Reuters queries.

"It is hopefully some consolation for customers that NODL

will continue to trade online and in stores," he added.

Neither the spokesperson nor McNamara said who the

administrators were likely to be.

Sky News reported earlier on Tuesday that NODL planned to

appoint Teneo Financial Advisory as administrator in a move

expected to result in store closures and job losses.

Teneo declined to comment.

Pandemic-related losses forced Ted Baker to put itself up

for sale in 2022, and the maker of suits, shirts and dresses

known for their quirky details went private after ABG agreed to

a roughly 211-million pound ($269 million) buyout deal. ABG also

owns brands like Forever 21 and Juicy Couture.

Ted Baker had already been trying to win back investor

confidence after former CEO Ray Kelvin left in 2019 following

misconduct allegations, which he denied.

($1 = 0.7858 pounds)

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