Ted Baker owner Authentic Brands, who acquired the brand for £211million in October 2022, is close to appointing restructuring experts to shed its retail units and workforce.
This means many retail workers face losing their source of income, which can be a very stressful experience.
An Authentic spokesperson told Retail Gazette: “None of us expected this… we’re limited on what we can disclose at this stage.
“Despite the difficulties facing the UK and European business, we remain committed to Ted Baker and are confident in the brand’s long-term success under Authentic’s stewardship.”
Such news would be hard to hear for the people who work at Ted Baker, as uncertainty looms over which store locations will be affected.
Elsewhere, fellow fashion brand Superdry is also exploring radical restructuring processes, which will mean store closures and job losses.
As reported in Sky News, Superdry and its advisers at PricewaterhouseCoopers (PwC) are working on plans that could lead to a company voluntary arrangement (CVA) or restructuring to close underperforming shops.
The outcome for Superdry hangs in the air as talks are made about the next steps.
In another blow to the retail sphere, Marks and Spencer (M&S) is closing down in numerous locations in the next five years to save £300million.
Which M&S stores are closing down?
- High Street West, Sunderland
- St Nicholas Street, Aberdeen
Other store closures and relocations are subject to consultation and haven’t yet been confirmed by M&S.
The high street retailer said it was shutting down stores in areas where they weren’t making a lot of money.
There will, however, be a flurry of new M&S stores in potentially more profitable areas, such as the recent opening at Lakeside Shopping Centre in Thurrock, Essex.
Stuart Machin, the chief executive of M&S, said: “The outperformance of our recently relocated and renewed stores gives us the confidence to go faster in our plan.
“Our investment in stores not only delivers a better experience for customers and colleagues, it boosts local communities with new job creation and will help us deliver a more sustainable estate in every sense.”
Moving away from the fashion retailers, Clinton Cards – which only has 179 stores nationwide – is considering letting some retail units (and people) go.
Clinton Cards is set to shut down its branch in Castle Street, Hinckley, Leicestershire on February 17.
