Ted Baker NA Files for Bankruptcy Amid $11.3M Loss and $20M Debt
Ted Baker NA, the North American arm of the British fashion retailer, has filed for Chapter 15 bankruptcy in the U.S. and Canada. This move follows a net loss of over $11.3 million and negative cash flow of over $5 million. The company operates 25 retail stores in Canada and 34 in the U.S.
Ted Baker NA's struggles are not isolated. Its European counterpart entered administration recently. The company's financial woes are compounded by Authentic Brands Group's failure to pay suppliers, leading to shipment delays and order cancellations. Ted Baker NA owes over $2 million to Authentic, over $2.3 million to warehouse partners, and over $14 million to various vendors.
Ted Baker NA has 360 full-time and 264 part-time employees across the U.S. and Canada. Despite wholesale partnerships with major department stores like Nordstrom, Macy's, and Hudson Bay, the company has struggled financially and operationally over the past year.
Ted Baker NA's bankruptcy filing signals a significant challenge for the brand in North America. With substantial debts and operational struggles, the future of the company's U.S. and Canadian operations remains uncertain.
