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Ted Baker has launched a formal sale process for the fashion label after rejecting a series of offers from US private equity group Sycamore Partners and others.

The company said it had received more than one unsolicited offer from third parties in addition to three offers from Sycamore, a group that previously owned UK shoe store chains Kurt Geiger and Nine West and was recently linked with a potential bid for health and beauty chain boots.

Ted Baker, who has more than 500 stores and concessions around the world, said that following expressions of interest he had “decided to conduct an orderly process to determine if there is a bidder willing to offer value. that the board considers”. attractive relative to Ted Baker’s stand-alone prospects as a listed company”.

Interested parties are invited to submit indicative offers to advisers from Ted Baker, Evercore and Blackdown Partners. A certain number of offers will then be selected to participate in a second phase.

Sycamore, whose first approach emerged on March 18, has an April 15 deadline to decide whether it will participate in Ted Baker’s formal sale process, make a formal offer or walk away. If he decides to participate in the new sales process, this period will expire.

The sale process comes as Ted Baker’s share price remains in the doldrums after collapsing in 2018 amid tough trading conditions for clothing brands, a scandal over a ‘forced hug’ culture under his founder, Ray Kelvin, which led to his exit from the company. The company was then hit by the appearance of an accounting error and a series of profit warnings.

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Ted Baker is attempting a turnaround under his new boss, Rachel Osborne, who took over in 2020, after his main market for suits and outfits for social events was hit during the Covid-19 pandemic.

Bidders came in amid early signs of a turnaround, with losses narrowing by more than 70% to £25million in the six months to August 14 last year as sales rebounded from nearly 18% to £199m. But the company is currently without a chairman following the death of incumbent John Barton in December.

Shares of Ted Baker have risen 48% since March 17, the day before Sycamore revealed its bid plans, but remain more than 90% below March 2018 levels.

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