Iconic British fashion brand Ted Baker is undergoing a restructuring as its UK arm enters administration. However, stores will remain open and fulfill orders.

Owned by American firm Authentic Brands Group (ABG) since 2022, the company is looking for a new buyer after facing financial difficulties. This move aims to save the brand and its nearly 1,000 jobs.

Administration allows companies to make organisational changes in an attempt to avoid closure and asset liquidation. With approximately 975 employees and 46 stores across the UK and Europe, Ted Baker along with its e-commerce platform and concession stores, is currently navigating this process. Additionally, the company holds licensing agreements for stores in Asian and Middle Eastern cities.

ABG blames a previous partnership with a Dutch company, AARC, for causing ‘significant financial damage.’ AARC managed Ted Baker's UK and European operations, but the collaboration resulted in substantial debts. Despite ABG's efforts, these issues proved too difficult to resolve independently.

Currently, Ted Baker's UK and European holding company, No Ordinary Designer Label (NODL), is in administration. This process allows for reorganisation to potentially avoid closure and asset sales.

ABG is actively seeking a new owner for the Ted Baker brand while ensuring stores continue operating and fulfilling customer orders.