Ted Baker to Shut All UK Stores This Week, Sky News Reports

Fashion chain Ted Baker will shut all its remaining 31 shops in the UK this week as talks with billionaire Mike Ashley’s Frasers Group for a potential licensing partnership stalled, Sky News reported.

Administrators of No Ordinary Designer Label, Ted Baker’s existing partner, will oversee the closing of the stores, Sky News said citing unnamed sources.

Ted Baker’s intellectual property owner Authentic Brands Group Inc. was reported to be searching for a new British partner for the label earlier this year and Ashley’s firm was seen as the front-runner.

Read more: Ted Baker’s UK Shops to Fall Into ...