Kgbo, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons
Giant clothing chain, Ted Baker, will close its remaining 31 stores in the UK and Ireland.
Over 500 people will lose their jobs in the process.
The news was confirmed by the company’s administrators on Monday, August 19.
The decision comes after Ted Baker entered administration in March due to mounting debts and challenging trading conditions across Europe. The consultancy firm Teneo, which is overseeing the administration process, announced that the store closures will begin on Tuesday, August 20, marking the end of the brand’s physical presence in the region.
This latest development follows the closure of 15 Ted Baker stores in Britain in April, which resulted in the loss of 245 jobs. The ongoing financial struggles of the brand have led to this unfortunate outcome, despite efforts to restructure and stabilize the business.
Ted Baker, founded in 1987, has been embroiled in crises for several years, including a damaging s3xual harassment scandal in 2019 involving its founder Ray Kelvin. The scandal, which led to Kelvin’s resignation, severely impacted the brand’s reputation and contributed to its financial difficulties.
The brand was acquired in 2022 by Authentic Brands Group (ABG) for £211 million ($268 million). ABG, which also owns Reebok and Juicy Couture, has been unable to turn the tide for Ted Baker, leading to the current closures.
Separate receivership proceedings are ongoing in continental Europe and North America, where Ted Baker still operates a few stores. The closures in the UK and Ireland mark a significant chapter in the brand’s decline, leaving its future uncertain on the global stage.
