Struggling UK fashion retailer Ted Baker to shut 15 stores, 250 jobs at risk [Yahoo! Finance]
SUPERDRY PLC UNSP/ADR (SEPGY)
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Source: Yahoo! Finance
250 job losses, joint administrators of the collapsed British fashion retailer said on Monday. WHY IT'S IMPORTANT Ted Baker, a popular brand name in the UK, fell into administration last month, after more than a year of being sold to U.S.-based Authentic Brands Group. Authentic Brands is looking for a new operating partner for the retail and e-commerce business in the UK and across Europe. CONTEXT No Ordinary Designer Label (NODL), which trades under Ted Baker's brand in the UK, had appointed Teneo Financial Advisory as its administrator on March 22. British fashion retailers have been struggling with tough market conditions. Peer Superdry said earlier this year that it did not expect market conditions to improve in the near term. BY THE NUMBERS The administrators said they decided to close 11 Ted Baker stores by April 19 and that would result in the loss of about 120 roles. Around 25 head office roles have also been made redundant. Separately, the administrators said pr
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News
- PRESS DIGEST-British Business - April 30 [Yahoo! Finance]Yahoo! Finance
- Struggling UK fashion retailer Ted Baker to shut 15 stores, 250 jobs at risk [Reuters]Reuters
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- UPDATE 1-Europe stocks kick off second quarter higher; German inflation data awaited [Yahoo! Finance]Yahoo! Finance
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