Ted Baker has revealed that it will shut down 11 stores and cut head office roles in a matter of weeks.
A staggering 145 redundancies are expected to be made, with 120 store staff alongside 25 head office roles set to go.
It comes after administrators at Teneo looked to reduce central costs for the brand which has been profitless for some time.
The brand’s entire store portfolio has been “loss-making” and administrators say the sites have no prospect of being returned to profitability, even with material rent reductions.
Of the 11 stores set to close, they are all expected to have ceased trading by April 19.
In addition to the 11 branches ready to be shut down, four more will follow in the coming months.
These stores had notices served before Ted Baker fell into administration, resulting in 100 more redundancies.
Branches affected are:
- Bicester (notice served before administration process)
- Brompton Road, London (notice served before administration process)
- Floral Street, London (notice served before administration process)
- Manchester Trafford (notice served before administration process)
This is a breaking story, more to follow…
