British high street favourite Ted Baker is reportedly placing its network of stores across the UK into insolvency, putting hundreds of jobs at risk. It is believed that Teneo Financial Advisors will be appointed today, Tuesday. The news comes 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. Last month high street beauty brand, The Body Shop, announced that it had collapsed into administration after 49 years in business.

Known for its quirky décor and novel approach to advertising,Ted Baker 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.

It’s believed that the Ted Baker brand will continue to trade and customer orders will continue to be fulfilled, while parent company Authentic remains continues efforts to find a partner.