Ted Baker PLC (LSE:TED) shares edged higher today even though reports at the weekend. said it has been trading without credit insurance cover since the start of the pandemic
Insurers Euler Hermes and Atradius both dropped cover of the retailer’s suppliers in 2020, The Sunday Times reported.
Ted Baker has been trying to consummate a sale with its chosen buyer for the best part of this year.
But the sales process hit rocky terrain after US private-equity firm Sycamore and, most recently Authentic Brands Group, the owner of the Reebok brand, reportedly exited talks with the retailer.
Ted Baker said in June that its preferred buyer had decided against a takeover, just a fortnight after granting the suitor full access to its accounts for “confirmatory due diligence”.
In a statement to the market that month, the retailer denied that the severance was linked to its due diligence review.