US operator reportedly joins Ted Baker takeover race with Next and Frasers Group

OSL, the US operator of Ted Baker, has reportedly joined the line up of interested parties eyeing the struggling retailer’s European business after its UK arm collapsed into administration in March.

According to Sky News, OSL is the “leading contender” to take over the brand’s British operations, a move that would come a year on from when the firm was appointed to run its US retail business.

OSL isn’t alone, however. British retail giants Next and Frasers Group are also believed to be in the running for a possible takeover. This is according to a report by The Times, which noted that bidders have less than six weeks to make an offer, with a buyer to potentially be announced this month.

Ted Baker’s UK operator No Ordinary Designer Label (NODL), a subsidiary of the brand’s parent company Authentic Brands Group, filed for administration following the termination of a contracted agreement with European partner AARC, which it said had failed to “meet agreed financial obligations and inject promised funding into the business”.

This, combined with a difficult trading environment forced the company to file for the protection of a moratorium. Yet, while Ted Baker at the time said it would continue trading in the UK, later in April it revealed that it would in fact be closing 15 of its stores in the region, resulting in the loss of over 200 jobs.

Appointed administrator Teneo said the closures of the "loss-making" locations were part of a “necessary step” to ensure the business can go on to deliver a profitable trading performance in the future.