In a major setback for the British retail sector, Ted Baker will close its remaining 31 stores in the UK and Ireland, resulting in over 500 job losses. The closure announcement was made by the company’s administrators on Monday, August 19.
The move follows Ted Baker’s entry into administration in March due to significant debt and challenging market conditions across Europe. The consultancy firm Teneo, managing the administration, revealed that store closures will commence on Tuesday, August 20, ending the brand’s physical presence in the region.
This decision comes after the closure of 15 Ted Baker stores in Britain in April, which led to 245 job losses. Despite efforts to restructure and stabilize the business, the brand’s financial struggles have persisted.
Founded in 1987, Ted Baker has faced several crises, including a sexual harassment scandal in 2019 involving founder Ray Kelvin, which damaged its reputation and exacerbated financial issues. The brand was acquired in 2022 by Authentic Brands Group (ABG) for £211 million ($268 million), but ABG has been unable to reverse Ted Baker’s decline.
Receivership proceedings are ongoing in continental Europe and North America, where Ted Baker still operates some stores. The closures in the UK and Ireland mark a significant chapter in the brand’s decline, casting uncertainty over its future globally.
