High street fashion giant launches huge clearance sales as 15 stores shut

FANS are racing to snap up huge deals at a high street fashion store while stocks last.

Ted Baker has launched a massive clearance sales as 15 stores have pulled down the shutters after falling into administration.

One bargain hunter has spotted the big discounts at the Regent street branch in London.

The shopper posted the gem find on a Facebook group with a caption: “For those who like Ted Baker, in London – Regent Street there is a 40-50-60% off discount.”

The retailer giant had “At least 40% off everything” posters plastered all over its window displays.

Pictures showed the store packed with shoppers searching through the racks of clothing.

One user pointed out that similar discounts could be found in other branches as well.

It comes as Ted Baker fell into administration earlier this year with 15 stores set to close as a result.

The fashion giant with 86 branches across the UK filed a notice of intention back in March.

John McNamara, chief strategy and transition officer for Authentic Brands Group, said: “We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.

“It is hopefully some consolation for customers that NODL will continue to trade online and in stores.

“We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”

It is reported that 11 locations have already closed down for good by April 19.

In total, 220 workers are set to lose their jobs should all the stores close permanently.

However, it is understood some of Ted Baker’s shops could be saved under a deal with Next or Frasers Group, reports The Times.

It is not clear at this stage which stores could be saved from closure.

YEARS OF TURMOIL

Ted Baker started struggling 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”.

Ted Baker isn’t the only retailer left struggling on the high street.

The Body Shop fell into administration just a month prior, putting hundreds of stores at risk of closure.

On February 29, it announced it would close 75 stores including in Basildon, Bexleyheath and Carlisle.

Administrators FRP said the retailer would be turning its attention more to online sales and wholesale.

Wilko and Paperchase also both filed for administration last year in a blow for the high street.

It saw hundreds of shops close and thousands of workers lose their jobs.

HIGH STREET CRISIS

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 UK Flooring Direct, Planet Organic 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.

Last year, around 14% of insolvencies were in retail businesses, according to official figures.