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Two major high street brands could SAVE Ted Baker as 11 branches set to shut next week
Plus, a full list of stores earmarked for closure
TWO major high street brands could step in and save parts of Ted Baker after the retailer fell into administration.
Next and the Frasers Group, owned by Mike Ashley, are reportedly eyeing up some of the ailing retailer's stores.
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The UK retail giants have contacted administrators at Teneo Advisory to explore a sale of all or parts of the collapsed business.
No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, fell into administration just last month.
Teneo said 15 stores are set to close as part of the administration process, with 11 pulling down their shutters by April 19.
In total, 220 workers are set to lose their jobs should all the 15 stores close permanently.
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However, it is understood some of Ted Baker's shops could be saved under a deal with Next or Frasers Group, .
It is not clear at this stage which stores could be saved from closure.
The Sun approached Teneo, Frasers Group and Next for comment.
It comes after Next bought out both FatFace and Cath Kidston last year, and rescued Made.com from administration in late 2022.
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Frasers Group has also snapped up a number of retailers in recent years, including Game and Sports Direct.
Ted Baker fell into administration in March putting its then 46 UK stores at risk of closure.
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It followed ABG saying it was exploring several cost-saving measures to shore up the company's "soaring" costs in February.
The chain's troubles started in 2019 after founder Ray Kelvin quit his role following allegations of harassment.
Several profit warnings, a statement advising the stock market company profits will be lower than expected, followed.
In 2020, the retailer said it would axe 160 jobs, branding 2019 a "challenging year".
Full list of Ted Baker stores closing and staying open
THESE are the locations of the stores set to continue after Ted Baker fell into administration:
- Heathrow T2
- Heathrow T5
- Heathrow T3
- Regent Street
- Luton
- Stansted
- Gatwick North
- Gatwick South
- Heathrow T4
- Cheshire Oaks
- St Pancras
- Belfast
- O2 Outlet
- Bluewater
- Bath
- Brent Cross
- White City
- Gloucester Quays
- Cannock
- Livingston
- Portsmouth
- Braintree
- Manchester Shambles
- Sheffield
- Bridgend
- Ashford
- York
- Glasgow Buchanan Street
- Swindon
- Kildare
- Dublin, Grafton Street
These are the stores that are set to close:
- Birmingham Bullring
- Bristol
- Bromley
- Cambridge
- Exeter
- Leeds
- Liverpool One
- London Bridge
- Milton Keynes
- Nottingham
- Oxford
- Bicester (notice served before administration)
- Brompton Road, London (notice served before administration)
- Floral Street, London (notice served before administration)
- Manchester Trafford (notice served before administration)
Ted Baker isn't the only retailer left struggling on the high street.
The Body Shop fell into administration in February putting hundreds of stores at risk.
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It has since announced 82 store closures in a blow for shoppers and employees.
Wilko and Paperchase also both filed for administration last year in a blow for the high street.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre's director, Professor Joshua Bamfield, said the improvement is "less bad" than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
"The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend," Prof Bamfield said.
"Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult."
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023's biggest failures included Paperchase, Cath Kidston, Planet Organic, Snug and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.
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