(Alliance News) - Next PLC and Frasers Group PLC are sizing up buying Ted Baker's European retail division, The Times reported on Tuesday.
The two FTSE 100-listed retailers each have contacted administrators at Teneo Advisory in connection to a possible purchase of part or all of the Ted Baker European retail business, the newspaper said.
https://www.thetimes.co.uk/article/next-and-frasers-group-eye-up-stricken-ted-baker-8mgz26wl5
Ted Baker will shut 15 stores and cut around 245 jobs, PA reported on Monday. The company behind the fashion brand's UK and European shops, No Ordinary Designer Label Ltd, had hired administrators from Teneo in March.
The administrators said 11 stores will be closed by the end of next week. Four more may go after landlords served notice on the sites prior to the insolvency.
Authentic Brands, which owns sports apparel maker Reebok, is still the owner of Ted Baker's intellectual property. After striking a deal to buy the former London listing in 2022, it separated Ted Baker into an intellectual property holding company, and "one or more operating companies which would manage the physical retail, e-commerce and wholesale operations of the Ted Baker business".
It is "currently in the process" of finding a new partner to run the Ted Baker retail and online business in the UK and Europe, PA reported.
Frasers shares were up 0.9% to 808.00 pence each in London on Tuesday afternoon. Next was down 0.8% to 8,764.00p.
By Eric Cunha, Alliance News news editor
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Next (NXT)
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