British high street favourite Ted Baker is reportedly considering the closure of several of its stores and concessions in a major cost-saving effort. Fashion group Authentic Brands, which bought Ted Baker back in 2022, is due to appoint restructuring advisors in order to reduce its colossal rent bill on the approximately 85 stores and concessions which it operates in the UK. The news come at a particularly difficult time for British retail with sales volumes falling 3.2 per cent in December – the biggest monthly drop since the Covid-19 pandemic.

Known for its quirky décor and novel approach to advertising, the company started life as a single menswear store in Glasgow back in 1988 and grew into a global lifestyle brand with over 500 stores and concessions worldwide.

Once a jewel in the British fashion industry’s crown, the brand has suffered a tidal wave of problems in recent years. Back in 2018 founder Ray Kelvin, who led the brand to success, was accused of inappropriate behaviour by a number of staff and a petition to end the culture of ‘hugs’ in the office, received over 2000 signatures. As a result, Kelvin stepped down in 2019. The company was subsequently forced into laying off over a quarter of its workforce as the pandemic took hold and the appetite for the smart casual style of clothing that the company excelled at, declined. Brexit related woes have seen the British retail sector struggle to recover as soaring inflation and rising interest rates collide.

A statement from Authentic’s spokesperson confirmed that, “Despite the difficulties facing the UK and European business, we remain committed to Ted Baker and are confident in the brand’s long-term success under Authentic’s stewardship.”