Retailer Ted Baker is preparing to place its network of stores across the UK into insolvency, putting hundreds of jobs at risk.
The fashion chain has filed a notice of intention to appoint insolvency administrators to No Ordinary Designer Label, the part of the business that runs its shops. Advisory firm Teneo is being lined up to handle the process.
Ted Baker is owned by Authentic Brands Group, the US company which is also behind brands such as Reebok.
The British retailer employs almost 1,000 people and has more than 40 stores in Britain and a number of outlets across Ireland, including in Dublin and Belfast, alongside a website and department store concessions in Brown Thomas and Arnotts.
Authentic Brands said Ted Baker would continue to operate online and in stores during the administration. “We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began,” it said.
Authentic Brands bought Ted Baker in 2022 in a £211m (€247m) deal following a series of profit warnings. It kept the brand and intellectual property, and appointed Dutch company AARC to run the shops. However, last year Authentic Brands terminated its relationship with AARC.
Ted Baker is the latest British retailer to suffer from an intensely competitive marketplace. Earlier this year, the Body Shop’s business in Britain and Ireland, which had about 200 stores, went into administration.
• Bloomberg and Irish Examiner