The European arm of Ted baker’s business is in danger of being placed into administration after the retailer, which is owned by ABG, started its administration process in the UK and Ireland.
Teneo Financial Advisory Limited has been appointed as the administrator of NODL, which licenses the Ted Baker brand from ABG in the UK and Ireland, however NODL is no longer able to fund its European entities in the Netherlands, Spain and Belgium.
Just Style understands it is the businesses operating the Ted Baker brand in these three European countries that could be at risk of entering administration, however the precise process will depend on the system in each country.
The risk is thought to relate to two stores in both the Netherlands and Belgium and one store in Spain as well as seven concessions in the Netherlands, and 15 in Spain, which added together would put 149 jobs at risk of redundancy.
Earlier this month (April) Teneo announced the decision to shut 11 loss-making Ted Baker stores in the UK after concluding the sites “had no prospect of being returned to profitability”.
At the time GlobalData apparel analyst Louise Deglise-Favre told Just Style the development was “to be expected” given Ted Baker’s current financial situation.
She added: “It would not be surprising to see more store closures in the future, even if the brand gets bought , as a potential new owner will likely prioritise reviving the brand’s identity over getting tied up in costly stores.”
Teneo explained the 11 UK store closures would lead to around 120 job losses, with an additional 25 head office roles also being made redundant.
However, it also pointed out that four additional UK stores were already due to close, prior to the administrators’ appointment with a further 100 redundancies expected at these sites.
ABG is still in the process of looking for a buyer for the Ted Baker brand, after appointing administrators in March 2024.
“149 Ted Baker Europe jobs at risk on threat of administration” was originally created and published by Just Style, a GlobalData owned brand.
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