Ted Baker shops shut for good amid doubts over Frasers deal
Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a future licensing partnership with the retail tycoon Mike Ashley.
Sky News understands that talks between Mr Ashley's Frasers Group and Authentic, Ted Baker's owner, have stalled three months after it appeared that an agreement was imminent.
Administrators to Ted Baker's existing partner, No Ordinary Designer Label, which collapsed in the spring, are overseeing the closure of its remaining 31 UK shops.
One store source said they had been told that this Tuesday would be the final day of trading.
The business in Britain still employs just over 500 people, with those jobs at risk.
Frasers Group is reported to have been discussing a deal with Authentic encompassing both Ted Baker and Reebok.
Sources close to Authentic insisted that there were no ongoing talks between the two sides, although property industry sources suggested that conversations about a potential reopening of a small number of Ted Baker stores had been held as recently as the last few weeks.
If a deal were to have been struck, it would have added Ted Baker to Mr Ashley's sprawling empire of retail brands, which includes Evans Cycles, Gieves & Hawkes, House of Fraser, Jack Wills and Sports Direct.
Next was also reported to be in contention for a deal, while OSL, Ted Baker's previous US licensing partner, also expressed an interest at the start of the process.
NODL's administrator, Teneo, was forced to close 15 Ted Baker stores in the spring with the loss of more than 200 jobs.
Ted Baker was delisted from the London stock market in 2022 after being bought by Authentic, headed by the entrepreneur Jamie Salter, for about £210m.
The retailer's torrid period began in 2019 when founder Ray Kelvin left amid claims of inappropriate behaviour towards colleagues.
It was subsequently forced to issue a string of profit warnings and accounting mishaps, having to address the COVID-19 pandemic from a position of financial weakness.
In 2020, it axed hundreds of jobs and raised £100m to shore up its balance sheet.
Authentic and Frasers declined to comment.
-SKY NEWS
