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The high street fashion retailer Ted Baker has called in the administrators following “significant level of arrears,” putting hundreds of jobs at risk
No Ordinary Designer Label who trades under Ted Baker filed a notice of intent to appoint Teneo Financial Advisory on Tuesday.
Stores are expected to close and there will be job losses which comes around 18 months after the retailer was purchased by Authentic Brands Group (ABG) for £210 million and then delisted from the London Stock Exchange.
ABG’s chief strategy and transition officer, John McNamara, said: “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.
“We wish that there could have been a better outcome for the Ted Baker employees and stakeholders. It is hopefully some consolation for customers that NODL will continue to trade online and in stores.
“We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
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