US licensing partner joins race to buy up remaining assets of embattled Ted Baker
Ted Baker’s American licensing partner is reportedly the lead contender to take control of the businesses embattled British arm.
OSL, which was appointed to run Ted Baker’s American arm over a year ago, is eyeing up a deal which could see the business take over dozens of shops, according to Sky News.
It comes just a few days after the firm’s administrators said some 245 jobs and 15 Ted Baker would have to be terminated as part of its administrative process.
Last month, No Ordinary Designer Label Limited, which licences the Ted Baker brand from Authentic Brands, made a notice to appoint joint administrators Daniel Smith of Teneo Financial Advisory Limited.
On Wednesday, The Times reported that Next and Frasers Group were also thinking about taking over Ted Baker’s UK arm.
In a statement, the administrators said 11 stores would close by April 19th, and four more would close in the coming weeks.
Ted Baker’s parent company, Authentic Brands, bought the business 18 months ago for £221m.
Around 31 stores, excluding concessions, remain in operation following this week’s announcement.
The retailer has had a torrid time ever since its founder, Ray Kelvin, left following claims of inappropriate behaviour towards employees.
Moreover, physical retail brands have struggled with the cost-of-living crisis and changing shopping habits following the pandemic.
Other high profile insolvencies this year include The Body Shop in February, as well as fashion online luxury fashion retailers MatchesFashion and Farfetch.
Questions about the lifespan of fashion brand Superdry also remain after founder Julian Dunkerton failed to find a backer to help take the business private again.
City A.M. has contacted Teneo and OSL for a comment.
