No Ordinary Designer Label, which trades under British fashion group Ted Baker's brand, has filed a notice of intention to appoint Teneo Financial Advisory as administrator in a move expected to result in store closures and job losses, Sky News reported today.
Teneo declined to comment, while US-based Authentic Brands Group (ABG), which owns Ted Baker, did not immediately respond to a Reuters request for comment.
Although the scale of store closures and job cuts are unclear, no redundancies would be announced on day one of the insolvency process, Sky News reported, citing a source.
Pandemic-related losses forced Ted Baker to put itself up for sale in 2022, and the maker of suits, shirts and dresses known for its quirky details went private after ABG agreed to a roughly 211 million pounds buyout deal. ABG also owns brands like Forever 21 and Juicy Couture.
Ted Baker had already been trying to win back investor confidence after former CEO Ray Kelvin left in 2019 following misconduct allegations.
