Mike Ashley’s Frasers Group and Next have reportedly expressed interest in buying Ted Baker.
The UK retail giants, both known for acquiring troubled brands, have reportedly contacted the business’s administrators to explore a sale of all or parts of it, The Times reported.
No Ordinary Designer Label Limited, which licences the Ted Baker brand from Authentic Brands, made a notice to appoint joint administrators Daniel Smith of Teneo Financial Advisory Limited last month.
On Monday, the pair announced 15 stores and around 245 jobs would be terminated as part of the process.
In a statement, the administrators said 11 stores would close by April 19th, and a further four would close in the coming weeks.
Around 31 stores, excluding concessions, would remain in operation following the announcement.
Ted Baker’s parent company, Authentic Brands, bought the business 18 months ago for £221m.
Sources told The Times some shops could be saved under a deal with Next or Frasers Group, which are both understood to want to keep some of the physical stores.
“It is understood that they have less than six weeks to submit a bid. A buyer could be announced within the next three weeks”, an insider told the outlet.
Both Next and Frasers are renowned for acquiring distressed retail assets.
In the last three years, Next has acquired Made.com, Joules, JoJo Maman Bebe and Cath Kidston, to name a few.
It has also built a 72 per cent stake in retailer Reiss and formed a joint venture with American lingerie group Victoria’s Secret.
Meanwhile, Frasers recently acquired (then put into administration) Matchesfashion, a luxury online fashion platform, Wiggle, the cycling retailer, and the fast-fashion brand Missguided, which it has since sold to Shein.
City A.M. has contacted Frasers and Next for a comment.