High street fashion retailer Ted Baker is set to go into administration - putting nearly 1,000 jobs at risk. The firm’s US owner Authentic Brands Group said the business had built up “a significant level of arrears”.
Ted Baker, currently lists 86 outlets around the UK and has around 975 employees. Authentic did not say if any shops or jobs would be lost in the likely administration.
They said in a statement: “We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.” It added that the company will continue to trade online and in stores while it sought new owners. READ MORE: Terror at GP surgery as patient leaves doctor and receptionist unconscious after he couldn't get appointment “We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began”, Authentic added.
The brand was founded by Ray Kelvin in 1988 in Glasgow. Initially, the company started as a shirt specialist store but expanded rapidly to encompass a wide range of fashion items.
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