More than 500 job cuts expected (Il Sole 24 Ore Radiocor) - London, 19 Aug - The troubled UK fashion retailer Ted Baker, which is owned by the US group Authentic Brands Group (ABG), will close on August 20 the 31 stores it still operates in the UK and Ireland, which could result in more than 500 layoffs, according the consulting and advisory firm Teneo, which is Ted Baker's administrator for Europe.

Ted Baker was founded in 1987 and was bought in 2022 by ABG for 211 million pounds.

The brand is managed by the holding company NOLD in Europe and by OSL in North America.

Teneo already announced in April the closure of 15 Ted Baker stores in the UK and 245 job cuts. At the time, it had also indicated that ABG was seeking a new partner for Ted Baker in the UK and the rest of Europe. ABG reportedly unsuccessfully approached the UK retailer Frasers Group.

AAA-Web

(RADIOCOR) 19-08-24 19:16:48 (0429) 5 NNNN