Ted Baker PLC (LSE:TED) is set to close its remaining UK and Irish stores in the coming days, placing over 500 jobs at risk.
All 31 of the fashion brand’s stores in the region are expected to be shut by Tuesday after Ted Baker’s UK holding company, No Ordinary Designer Label, fell into administration in March.
Some 15 stores, alongside 245 jobs, were axed in April, with talks over a potential licensing deal with Sports Direct owner Frasers Group PLC (LSE:FRAS) being held more recently.
These are said to have stalled in recent months, however, according to Sky News.
Over 500 people still work across the fashion brand’s stores and head office, with these jobs in doubt as administrators wind down remaining operations.
Ted Baker was taken off the London Stock Exchange in 2022 after being acquired by US-based Authentic Brands Group for around £210 million.
This was after founder Ray Kelvin left Ted Baker in 2019 over claims of inappropriate behaviour, which preceded a string of profit warnings during the pandemic.