Ted Baker announces closure of 15 UK stores, resulting in hundreds of job losses

Ted Baker, the renowned fashion retailer, has revealed plans to close fifteen of its stores in the UK in the coming weeks, resulting in the loss of hundreds of jobs.

The closures follow the company’s collapse last month, with further redundancies expected at its head office.

The closures will affect around 245 employees, with around 120 roles cut as 11 UK stores closed on April 19. There will be another 100 redundancies when four more stores close in the following weeks. These closures were previously planned before the company’s administration.

Teneo Financial Advisory administrators have confirmed that the eleven stores earmarked for closure are currently operating at a loss and have no predictable path to profitability, even with significant rent reductions. As a result, closing these locations is considered necessary to increase the company’s future profitability.

The eleven branches that will be closed as part of the administration process include:
– Birmingham Arena
– Bristol
– Bromley
–Cambridge
– Exeter
– Leeds
– Liverpool One
-London bridge
-Milton Keynes
– Nottingham
-Oxford

Four additional locations will also close:
– Bicester
– London – Brompton Road
– London – Bloemenstraat
–Manchester Trafford

The closures are intended to streamline Ted Baker’s operations and improve overall performance as the owner of the brand’s intellectual property, Authentic Brands Group, seeks new partners to manage its retail and online operations in the UK and Europe .

Teneo co-manager Benji Dymant highlighted Ted Baker’s significance as an iconic British brand and expressed confidence in finding suitable operating partners to revive his business.

Before his tenure, Ted Baker operated 46 stores in Britain and employed approximately 975 staff. Following the closures, the brand will retain 31 branches and employ 564 staff in Britain.

This move underlines Ted Baker’s efforts to overcome financial challenges and position itself for sustainable growth in the future.