TED BAKER CLOSING NORTH AMERICAN STORES, WEBSITE

Authentic Brands Group (ABG) completed its acquisition of Ted Baker, the British clothing and retail brand founded in 1988, in October 2022. The licensing powerhouse has been working with global brand management company PDS Group as its core licensee and operating partner for the United States, the United Kingdom, and Europe since April 2023. However, the partners appear to have found themselves needing an operational reboot.

According to a report from the BBC from early April, “The firm behind Ted Baker’s UK shops, No Ordinary Designer Label, hired administrators last month,” meaning the UK holding company is pursuing something similar to Chapter 11 bankruptcy, while the Daily Mail reported yesterday that “Ted Baker filed for Chapter 15 bankruptcy in a New York court last month following similar proceedings in the U.K. and Canada,” and the brand “will shutter all 31 of its US stores”…affecting nearly 600 employees in North America since the company stopped paying its suppliers.

ABG provided MR with the statement: “We are close to finalizing agreements with new partners to operate Ted Baker’s concessions, wholesale distribution, and e-commerce businesses. We remain committed to Ted Baker and are optimistic about the brand’s future.”

Background:

• Ted Baker is owned by Authentic Brands Group and operated under an IP licensing model.
• Its distribution licensing partners for North America and the UK/EU regions have faced financial challenges leading to bankruptcy and administration filings.
• The Ted Baker design headquarters based in London remain intact. They are operated by PDS, the brand’s core partner in the UK.
• Ted Baker continues to deliver products to consumers through select channels, including e-commerce and wholesale.