Fashion giant announces Milton Keynes store among 11 set to close across England

The Milton Keynes Ted Baker branch is among a number of stores set to close across the country.

Bosses appointed administrators last month in a bid to save the fashion retailer which is set cease trading at 11 stores this month.

The fated outlets are expected to close by April 19, the retailer has announced.

Bosses have blamed Dutch company AARC which previously ran the European stores up until January.

US owner Authentic Brands bought Ted Baker only last year. It said the retailer’s website would continue to trade.

In a statement, it said the closure is expected to result in the loss of 120 store roles, with 25 head office roles being made redundant as part of a ‘cost-cutting’ measure.

It added: “The closing stores are all currently loss-making and, following review by the Joint Administrators, are deemed to have no prospect of being returned to profitability, even with material rent reductions.

“As such, their closure is believed to be a constructive and necessary step in ensuring the business can deliver a profitable trading performance in the future.”

It added Authentic Brands Group is in the process of finding a new operating partner for the retail and e-commerce business in the UK and across Europe.

Joint Administrator Benji Dymant described Ted Baker as an ‘iconic British brand with strong partners around the world’.

He said while the closures would have a regrettable impact on valued team members, they will improve the performance of the business.

He thanked Ted Baker team members and partners for their ‘ongoing efforts and support’.