Ted Baker could disappear from British high streets as the struggling fashion chain plans to shut all its stores within weeks.
The business behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), was placed into administration with Teneo Financial Advisory in March by former owner Authentic Brands Group.
It has since shut 15 shops in the UK, resulting in about 245 staff being made redundant.
Staff working at the remaining stores have been told that they will lose their jobs when the shops are shut within three weeks, as first reported in the Sun newspaper.
It is understood that the plans have not yet been finalised despite the message to employees.
Ted Baker had 46 UK stores and employed around 975 people prior to the insolvency.
Authentic Brands, the US-based group behind Juicy Couture, Reebok and many other high profile names, is still the owner of Ted Baker’s intellectual property.
It was hoping to find a new partner to run the Ted Baker retail and online business in the UK and Europe, after the failure of its previous partnership with Dutch company AARC.
The collapse of the UK stores could mark the end of its position on high streets, after being founded in 1988 by Ray Kelvin and recognised for its quirky British style.
However, the brand is currently still sold through department stores and retailers such as John Lewis and House of Fraser, so may still retail some physical retail presence.
Since the administration of its UK arm, various names including NEXT, Frasers and US license holder OSL have been linked with a potential acquisition but so far no deal has been reported.
Read In History: Ted Baker. A Timelne of a British Retail Icon here.