Hundreds of jobs at risk as Ted Baker calls in administrators

Many jobs on the main shopping streets are in danger as Ted Baker's operations in the UK are close to going bankrupt.

According to sources at Sky News, No Ordinary Designer Label, which operates under the moniker Ted Baker, made a formal request to retain the services of Teneo Financial Advisory as administrators on Tuesday.

It is anticipated that the decision will lead to the shutting down of stores and workforce reductions, although it is unsure how extensive these will be.

A source has revealed that even though jobs may be in jeopardy, there will be no declarations of layoffs at the initiation of the insolvency procedure.

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Around 18 months later, Ted Baker was delisted from the London stock market, as it was purchased by ABG for a total of approximately £210m.

The parties involved in a recent brand licensing partnership with AARC, which is a company in the Netherlands, had a disagreement and decided to end the partnership.

Insiders have revealed that Ted Baker will carry on with its trading activities throughout the insolvency procedure.

The shop had a difficult time starting in 2019 when the creator, Ray Kelvin, had to leave because of allegations that he acted improperly with female coworkers.

After that, the company had to give out several notifications about their decreased profits and problems with keeping accurate financial records. They were put in a difficult situation with the outbreak of COVID-19 due to their pre-existing financial struggles.

Last year, it eliminated numerous positions and secured £100 million to strengthen its financial standing.

In the past few years, ABG's estimated value has significantly increased. This was after they allegedly sold the majority of their shares in August 2019 to a department within BlackRock, which is the largest investment management company globally, for a whopping $870 million.

The business possesses Forever21 and has cooperations with popular enterprises such as David Beckham's products enterprise.

Additional shareholders of the company consist of General Atlantic and Lion Capital, which are both involved in buyout investments, along with GIC - an investment fund owned by the government of Singapore.

According to John McNamara, who holds the position of chief strategy and transition officer at ABG, all the hard work that was put in to address the issues caused during the time when NODL accumulated large amounts of debt under AARC's management was not enough to fix the damage that had been done.

We express our hope for a positive result for both the workforce and investors of Ted Baker. Nonetheless, it may bring some relief to patrons that NODL will persist in conducting business through digital platforms and physical outlets.

Our main priority is to find a fresh business associate who will maintain and expand the Ted Baker label in the United Kingdom and Europe, where it was first established.

Teneo chose not to provide any comments on the matter.