All Ted Baker stores in the North American region are reportedly preparing to close after the British retailer filed for bankruptcy last month.
It is believed that 31 of its US stores and nine of its Canada-based stores are to shutter, while both regions are also no longer able to shop via the brand’s online website.
This comes shortly after the Ted Baker Group, consisting of Ted Baker Canada and Ted Baker Inc., had filed for Chapter 15 in the US Bankruptcy Court in New York, which further recognised its Canadian business in the proceedings.
In the court filing, the group said the move was due to “liquidity constraints” caused by “negative cash flows and working capital issues”, among other things.
It came just a month after the company had appointed administrators for its UK and European arm, No Ordinary Designer Label (NODL), which said it had struggled to deal with damage caused by a partnership with former collaborator AARC.
While continued pressure appears to keep mounting on Ted Baker, the brand’s owner Authentic Brands Group remains “optimistic” about its future, according to a statement shared with WWD.
Speaking to the media outlet, a spokesperson for Authentic said that it was “close to finalising agreements with new partners to operate Ted Baker’s concessions, wholesale distribution and e-commerce businesses”.