Retailer Ted Baker shut its Belfast store last week, with 30 others around the UK to follow suit on Tuesday
Ted Baker has closed its store in Belfast’s Victoria Square with its 30 remaining units around the UK to follow suit, putting 500 jobs at risk.
Sky News reported that talks between Ted Baker’s owner, Authentic Brands, and retail tycoon Mike Ashley’s Frasers Group have stalled, with all stores expected to have shut by the end of Tuesday.
However, the retailer closed its Belfast store at Victoria Square shopping centre last week.
The business behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), fell into administration in March.
It has since shut 15 shops in the UK, resulting in about 245 staff being made redundant.
Staff working at the remaining stores were told last month that they will lose their jobs when the shops close.
Ted Baker had 46 UK stores and employed around 975 people prior to the insolvency.
Authentic Brands, the US-based firm behind Juicy Couture and Reebok, is still the owner of Ted Baker’s intellectual property.
It was hoping to find a new partner to run the Ted Baker retail and online business in the UK and Europe.
The collapse of the UK stores could mark the end of its position on high streets, after being founded in 1988 by Ray Kelvin and becoming recognised for its patterned and floral clothing.
However, the brand is currently still sold through some department stores and retailers.
Authentic Brands and Frasers Group have been approached for comment.
News Catch Up – Monday 19th August