British fashion chain Ted Baker said on Monday it had picked a preferred suitor to take forward its sale process after a flurry of revised proposals from interested parties, while private equity firm Sycamore has dropped out.
A woman walks past a Ted Baker store on Floral Street, in London, Britain, April 3, 2022. Picture taken April 3, 2022. REUTERS/Peter Nicholls/File Photosaid on Monday it had picked a preferred suitor to take forward its sale process after a flurry of revised proposals from interested parties, while private equity firm Sycamore has dropped out.
There can be no certainty that an offer will be made, Ted Baker said, adding it could still terminate the process if it wishes to.Sycamore had shown interest in buying Ted Baker last month, raising its bids several times before the retailer put itself up for sale after attracting interests from other parties.
Known for its suits, shirts and dresses with quirky details, Ted Baker is in the middle of a turnaround plan after its market value crumbled in the last few years following Chief Executive Ray Kelvin's departure in 2019 due to misconduct allegations, and after the group disclosed an accounting scandal in 2020.
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