Ted Baker’s staff face a precarious future amid ongoing negotiations with Frasers Group.
- Frasers Group may soon acquire Ted Baker’s British operations, excluding head office staff.
- Fewer than 100 employees remain at Ted Baker’s head office following repeated redundancies.
- Hilco has been enlisted by administrator Teneo to manage stock restructuring.
- Closure of North American operations signals a strategic shift for the brand.
Ted Baker’s employees are currently navigating a challenging period as the brand’s future hangs in the balance. With Frasers Group reported to be nearing an acquisition of Ted Baker’s British operations, there is a significant likelihood that the deal will not encompass the head office staff in London. This development highlights the ongoing uncertainty faced by the company’s workforce, which has already undergone three redundancy phases since Teneo’s appointment as administrator in March.
There are currently fewer than 100 employees at the head office who are feeling the impact of these changes acutely. Teneo, in response to the evolving situation, has communicated to staff the potential for further adjustments to employee numbers. According to an internal email, they anticipate continuity in trading based on the existing strategy until mid-August, with more clarity on the situation expected as trading advances.
In an effort to manage Ted Baker’s stock effectively, Teneo has engaged restructuring firm Hilco. This move is indicative of the broader measures being taken to stabilise the company’s operations during this period of transition.
Earlier this month, Ted Baker announced the closure of its North American stores and online platforms. This decision reflects a strategic pivot as the brand’s parent company, Authentic Brands Group, is in the final stages of securing new partnerships for the operation of Ted Baker’s concessions and wholesale distribution. While optimism for the brand’s future remains, these steps undeniably mark a significant transformation for its traditional business model.
The future of Ted Baker and its employees remains uncertain as restructuring efforts continue under Teneo’s administration.
