Connect with us

StyleonWards

StyleonWards

The United Kingdom Operator of Ted Baker Assigns Administrators, Putting Job Positions in Jeopardy

Onward

The United Kingdom Operator of Ted Baker Assigns Administrators, Putting Job Positions in Jeopardy

An announcement has been made by the operator of Ted Baker in the United Kingdom, revealing actions to appoint administrators which could potentially risk hundreds of job positions.

According to reports from Sky News, No Ordinary Designer Label (NODL), the authorized licensee of the brand in the UK and Europe under Authentic Brands Group (ABG), has initiated a process with Teneo Financial Advisory to supervise the insolvency of its UK operations.

This decision, which is expected to lead to the closure of stores and workforce reduction, comes after ABG acquired the fashion chain for £211 million nearly 18 months ago.

Last month, ABG terminated its partnership with AARC, the Dutch firm responsible for managing Ted Baker’s retail outlets and online presence in the UK and Europe.

In October, ABG provided a short-term loan to AARC to stabilize the business amidst financial difficulties. Nevertheless, ABG cited that AARC consistently failed to deliver the pledged funds and fulfill financial obligations.

John McNamara, ABG’s chief strategy and transition officer, stated, “Despite our best efforts, the financial strain accumulated during AARC’s tenure at NODL became insurmountable.”

He further remarked, “While we deeply regret the impact on Ted Baker’s employees and stakeholders, NODL will continue its operations online and in stores for the benefit of customers.”

“Our primary objective is to seek a new collaborator to maintain and expand the Ted Baker brand in its key markets of the UK and Europe,” he concluded.

Teneo Financial Advisory has chosen not to provide a response.

Image Source: William Barton / Shutterstock

Continue Reading
You may also like...

More in Onward

Advertisement
Advertisement

Trending

Advertisement
To Top