UK Business & Employment News
Seven UK Retailers Went Bankrupt In 2024
The retail landscape in the UK has seen significant turbulence in the early months of 2024, with several well-known brands facing financial difficulties.
Ted Baker and Muji recently entered administration, highlighting the ongoing challenges within the sector.
Ted Baker
Ted Baker's UK operator, No Ordinary Designer Label (NODL), appointed administrators last month, which resulted in the closure of 11 stores and the layoff of 245 employees.
This decision came after Authentic Brands Group (ABG), which licenses the brand in the UK and Europe, terminated its relationship with AARC, the Dutch firm previously managing Ted Baker's UK operations.
ABG cited accumulated arrears and operational failures during AARC's management as key reasons for the breakup.
Muji
Japanese lifestyle retailer Muji also filed for administration at the end of March, with plans for a pre-pack deal to keep its European operations afloat.
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