Iconic British fashion brand Ted Baker has called in administrators, putting 86 stores and hundreds of jobs at risk. The firm No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, filed a notice of intention to appoint administrators Teneo Financial Advisory on Tuesday.
Going into administration is likely to result in store closures and could lead to as many as 1,000 job losses. NODL has around 975 employees and runs more than 80 shops and concessions in the UK. Authentic did not reveal details of cuts to jobs or shop numbers.
The brand has garnered celebrity endorsements from Holly Willoughby, Amal Clooney, Amanda Holden, Emma Stone, and Myleene Klass. This news follows Ted Baker's delisting from the London stock market after ABG bought it for around £210 million about 18 months ago.
ABG said NODL had built up a significant level of arrears, partly due to tough trading last year and during its partnership with Dutch firm AARC, which ended in January. Authentic's chief strategy and transition officer John McNamara stated: 'Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome.'
Authentic confirmed that Ted Baker stores and the website would continue to trade while seeking a new partner for the brand in the UK and Europe. Authentic, which also owns Reebok and Juicy Couture, agreed a £211 million deal to buy Ted Baker off the stock exchange in August 2022.
