High-End Clothing Retailer Latest To Go Bankrupt, Closing All US Stores

Every week, it seems another retail chain is declaring bankruptcy and closing stores. The Body Shop and Express recently did so, and now, a higher-end clothing store is joining their ranks. British chain Ted Baker is shutting down their North American operations after filing for bankruptcy. They will be closing all 34 stores across the country, as well as their Canadian locations.

Starting now, the brand will be offering 30% discounts off their entire collection of men's and women's high-end designer clothes and accessories as part of a store closing sale. Their online shop is no longer available and all sales at the retail locations are final.

The bankruptcy comes after the company failed to pay suppliers following a drop in sales that came after an upgrade to their technology that occurred during their busiest sales season, causing debilitating delays. There were also website issues and overall poor sales, leaving them owing more than $18 million.

In addition to the 59 North American brick and mortar locations, Ted Baker North America also has partnerships with Nordstrom, Macy's and Hudson Bay, so their merchandise will likely be disappearing from shelves in those stores as well.

No word on if any help will be provided for the company's 360 full-time and 264 part-time employees across America and Canada.