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)