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Ted Baker to close 15 UK stores with the loss of 245 jobs | Ted Baker



Ted Baker to close 15 UK stores with the loss of 245 jobs | Ted Baker

The excessive avenue trend chain Ted Baker is to shut 15 shops throughout the UK with the lack of 245 jobs after falling into administration.

The corporate’s European retail and on-line arm appointed Teneo as directors final month after the retailer, which has 46 shops within the UK and Europe, struggled with powerful buying and selling situations and the fallout from the 2019 ousting of its founder, Ray Kelvin, after claims of a tradition of “compelled hugs” on the firm. Ted Baker was then hit by the emergence of an accounting error and a string of revenue warnings.

On Monday Teneo mentioned 11 loss-making Ted Baker shops will shut by 19 April with the lack of 120 jobs. These embrace retailers in Birmingham’s Bullring purchasing centre and in Liverpool, Oxford, Leeds, Bristol, Milton Keynes and Nottingham. Teneo mentioned that there was no prospect of returning the shops to profitability even with important hire reductions. An additional 25 roles may also go at head workplace to cut back prices.

4 extra shops will shut within the coming weeks with the lack of about 100 jobs after landlords served discover on the retailers in Manchester, Bicester and two in central London.

Genuine Manufacturers, the proprietor of the mental property of Ted Baker, remains to be persevering with to hunt a brand new working associate for the retail and on-line enterprise within the UK and Europe, Teneo has mentioned.

Teneo’s Benji Dymant, the joint administrator of No Bizarre Designer Label, which is the retailer of the Ted Baker model within the UK and Europe, mentioned that the shop closures had been “regrettable”.

He added in a press release that the choice “will enhance the efficiency of the enterprise, as Genuine continues to progress discussions with potential UK and European working companions for the Ted Baker model to convey the enterprise again to well being”.

The closures are an extra blow to the UK excessive avenue, which has been hit by quite a few distinguished retailers calling in directors because the begin of the 12 months as shoppers slashed spending amid a wider financial downturn.

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The Physique Store closed quite a few shops and shed 300 head workplace jobs after directors FRP had been appointed to the UK arm of the retailer in February. The luxurious clothes retailer Matchesfashion minimize 273 jobs – greater than half its workforce – after its new proprietor, Mike Ashley’s Frasers Group, known as in directors final month.

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