Ted Baker set to shut down remaining 31 stores as 500 jobs at risk

The announcement comes after No Ordinary Designer Label (NODL), who back the fashion giant, fell into administration in March.

Administrators already closed 15 shops and cut 245 jobs just weeks after Ted Baker's economic woes became clear.

Ted Baker once employed 975 people in the UK across 46 shops.

It also had an e-commerce platform and department store concessions.

US firm Authentic Brands Group owns the intellectual property to Ted Baker

However, NODL was the holding company for the brand in the UK.

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Authentic responded to NODL falling into administration by saying the "damage done" during a tie-up with another firm was "too much to overcome".

The announcement comes after talks between Mike Ashley's Frasers Group and Authentic stalled for months.

Frasers Group is reported to have been discussing a deal with Authentic encompassing both Ted Baker and Reebok.

However, it is believed that there are no ongoing talks between the two sides.

Ted Baker has faced financial issues for some time, with the fashion giant being delisted from the London Stock Exchange in 2022.

It had been bought by by Authentic, headed by the entrepreneur Jamie Salter, for about £210million.

However, problems first emerged in 2019 after founder Ray Kelvin left amid claims of inappropriate behaviour towards colleagues.

The coronavirus pandemic caused further problems after a string of profit warnings and accounting mishaps.