Ted Baker to close remaining stores in Britain and Ireland

Sharjah24 – AFP: Insolvent British clothing chain Ted Baker will close its remaining 31 stores in Britain and Ireland, resulting in job losses for more than 500 employees, the administrators said Monday.

Ted Baker announced in March that it was to go into administration across Europe due to debts and difficult trading.

Consultancy firm Teneo, which is handling the administration, said the closure of the stores had been decided and would take place from Tuesday.

The move follows the closure of 15 stores in Britain in April and the loss of 245 jobs.

Ted Baker was acquired in 2022 for £211 million ($268 million) by Authentic Brands Group (ABG), which also owns Reebok and Juicy Couture.

The fashion brand, founded in 1987, has been in crisis for several years.

The brand was hit by a sexual harassment scandal involving its founder Ray Kelvin which led to his resignation, along with his management team, in 2019.

Separate receivership proceedings are taking place in continental Europe, where the company has a few stores, and in North America, according to a source familiar with the matter.

Ted Baker to close remaining stores in Britain and Ireland

Sharjah24 – AFP: Insolvent British clothing chain Ted Baker will close its remaining 31 stores in Britain and Ireland, resulting in job losses for more than 500 employees, the administrators said Monday.

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