The administrator of the company behind fashion chain Ted Baker has announced the closure of 15 stores across the UK, resulting in about 245 redundancies.
Iconic British brand Ted Baker is to shut 15 stores across the UK and cut around 245 jobs after plunging into administration.
In yet another blow to the High Street, administrators have confirmed some sites across England will pull down their shutters within days. Founder and then-CEO of Ted Baker, Ray Kelvin attends Ted Baker Wooster VIP Event on September 22, 2016 in New York City. In March 2019, Ted Baker business parted ways with Mr Kelvin after allegations of harassment made by young female colleaguesAdministrators have confirmed some sites across England will pull down their shutters within days
Benji Dymant, joint administrator, said: 'Ted Baker is an iconic British brand with strong partners around the world. The arrears were built up as the business faced tough trading last year, and during the partnership with AARC. It came after years of turmoil at the group. In March 2019, Ted Baker business parted ways with its founder Ray Kelvin after allegations of harassment made by young female colleagues.
But in 2018 he took a leave of absence when the company was forced to launch an independent investigation into his alleged behaviour following a petition from staff. 'I'm extremely proud of what we've achieved in building Ted Baker to the global brand it is today. Thank you to every single colleague, customer, supplier, and investor for your commitment to the business. We couldn't have done it without you and I'm so grateful.
The firm then issued several profit warnings and accounting blunders and faced the Covid pandemic while suffering financially.But the valuation of ABG has skyrocketed over the last few years after it was reported it sold a controlling stake the the world's largest asset manager BlackRock in August 2019 for $870million.Having worked in his family clothing business in North London since he was 11, Ray Kelvin set up Ted Baker selling men's shirts in Glasgow.
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