Ted Baker calls out managers, hundreds of jobs at risk

Hundreds of high street jobs are at risk after Ted Baker’s boss pushed its UK business into administration.

Sky News understands No Ordinary Designer Label, part of Authentic Brands Group (ABG) and trading under the Ted Baker brand, submitted a notice of intention on Tuesday to appoint Teneo Financial Advisory as administrator.

The move is expected to result in store closures and job losses, but the scale is unclear.

Ted Baker delisted from the London stock market about 18 months ago. Acquired by ABG About £210 million.

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A subsequent brand licensing partnership with Dutch company AARC was recently abandoned amid disputes between the parties.

Ted Baker will continue to trade during bankruptcy proceedings, sources said.

The retailer’s tough times began in 2019 when founder Ray Kelvin departed amid allegations of inappropriate behavior toward female colleagues.

The company was then forced to issue a series of profit warnings and accounting errors, and had to deal with the COVID-19 pandemic amid financial weakness.

In 2020, the company cut hundreds of jobs and raised £100m to shore up its balance sheet.

ABG’s valuation has soared in recent years after reportedly selling a controlling stake in August 2019 to a unit of BlackRock, the world’s largest asset manager, for $870 million.

It owns Forever21 and has partnerships with companies including David Beckham’s consumer products empire.

Its other shareholders include buyout firms General Atlantic and Lion Capital, as well as Singapore’s state investment fund GIC.

ABG could not be reached for comment on Tuesday, while Teneo declined to comment.