A fashion giant of almost 40 years looks set to shut all of its stores in the UK – including four in Kent.
Ted Baker’s remaining 31 shops are likely to close their shutters for good in a move which will put more than 500 jobs at risk.
Sky News reports talks between the brand’s owner, Authentic Brands, and retail tycoon Mike Ashley’s Frasers Group have stalled, with all stores expected to shut by the end of Tuesday (August 20).
The business behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), fell into administration in March.
A few weeks later it was confirmed 15 Ted Baker stores would shut, resulting in about 245 job losses.
Staff working at the remaining stores were told last month they would lose their jobs when the shops closed.
Ted Baker had 46 UK stores and employed around 975 people prior to the insolvency.
In Kent, the brand currently has stores in Ashford, Bromley, Bluewater and a concession stand in Fenwick in Canterbury.
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.
Ted Baker also has licensing agreements in place for stores in cities in Asia and the Middle East, which remain unaffected.