Ted Baker PLC (LSE:TED) is set to be wiped from UK high streets after its administrators revealed all stores would be closing within the next month.
No Ordinary Designer Label (NODL), the company which owns Ted Baker’s UK business, slipped into administration back in March, resulting in 15 store closures and 245 job losses as of today.
Now, staff at the remaining sites have been told that all jobs will be axed within the next three weeks as part of plans to shutter the brand’s estate, reports from the Sun revealed.
Reports cautioned that the plans have not been finalised despite the message to workers.
Ted Baker had 46 stores in the UK, with around 975 workers employed before it fell into administration.
Authentic Brands, which owns the Ted Baker intellectual property, is still searching for a new partner to run the brand’s retail and online operations in the UK and Europe.
In May, reports indicated that Mike Ashley’s Frasers Group was interested in the brand, however, a deal was not announced, potentially highlighting a failure to agree on a partnership.