British fashion chain Ted Baker is going into administration , putting some 1,000 jobs at risk in its European branches.
Looking for new partner
Ted Baker has been experiencing major financial problems for some time and reported last month that it could not pay the rent for its British shops. Owner Authentic Brands Group, the American company that also owns Reebok, Forever 21 and Quiksilver, has now placed the European arm in receivership and is pointing the blame at AARC, the Dutch licensee that managed the European operations until the end of January.
The parent company says it regrets the turn of events and told The Guardian it is “doing all it can” to find a new partner for Ted Baker in Europe (including the United Kingdom). The retailer still has 46 shops in Europe, including one in Antwerp and one in Amsterdam. Those shops – as well as its online store – would remain open for the time being. The brand also has a presence in luxury department stores, such as Bijenkorf. Outside Europe, Ted Baker has its own shops in the United States, Asia and Egypt. These are not affected by the bankruptcy filing.
