The parent company of Ted Baker is set to call in administrators for its UK business in the latest British fashion sector collapse, according to reports.
Sky News is reporting that “hundreds of jobs” are at risk as No Ordinary Designer Label looks to bring in insolvency specialists from Teneo.
The Telegraph had reported last month that the business was close to collapse, and was considering briging in Teneo for restructuring.
The collapse would be the latest business failure in British fashion, a little over a week after Frasers put retailer Matches Fashion into administration. Other recent high-profile companies to go bust include Hunter Boot andFarFetch. It comes just 18 months after Ted Baker was acquired by Authentic Brands Group. Many more household names in the sector, such as Superdry, have struggled even if they have not collapseded completely.
Authentic also owns brands such as Billabong, Eddie Bauer and Forever 21, as well as American magazine Sports Illustrated, which has faced major struggled of its own. It bought Ted Baker, which had previously been publicly traded, in 2022 in a deal worth £211 million. It reportedly stepped in last year with additional help as Ted Baker struggled for funding.
Ted Baker was founded by Ray Kelvin in Glasgow in 1988 and is headquartered in Fitzrovia. Kelvin left in 2019 following allegations of inappropriate behaviour.
Sky reports that the business is set to keep trading through the insolvency process.
There are 86 Ted Baker stores in the UK.
A spokesperson for Ted Baker could not immediately be reached.
