Ted Baker owner ABG to appoint administrators

(Sharecast News) - Ted Baker owner Authentic Brands Group said on Tuesday that it was set to call in administrators for the UK fashion brand. Administrators are expected to be appointed to No Ordinary Designer Label, the part of the business that runs Ted Baker shops, with hundreds of jobs at risk.

ABG pointed to "damage done" to Ted Baker during the time Dutch company AARC was running its shops and e-commerce business in Europe, and said it had taken the decision to appoint administrators due to a "significant level of arrears".

John McNamara, chief strategy and transition officer for Authentic Brands Group, said: "We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.

"We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began."