Ted Baker owner Authentic Brands is reportedly exploring a radical shake-up involving store closures and job losses.

The fashion brand, which has a branch in Gloucester Quays, was bought by the American firm for £211m two years ago.

It is now close to appointing restructuring experts as it seeks to significantly reduce a punishing rent bill on scores of Ted Baker's UK high street stores, reports The Telegraph.

Consultants Teneo, headquartered in New York, are believed to be the favourites to lead the negotiations following a beauty parade of advisers that included Begbies Traynor.

One of the measures that Authentic is expected to explore is a Company Voluntary Arrangement (CVA), which will enable it to reduce rents or exit stores, if approved by a majority of landlords and other creditors.

It swooped on Ted Baker in late 2022 following a series of profit warnings, accounting issues, and the abrupt departure of founder Ray Kelvin. It retained the ownership of its brand and intellectual property, then appointed Dutch company AARC to run Ted Baker's stores in the UK and Europe.

However, it has now ended its relationship with AARC and appointed a new independent board to manage Ted Baker's operations.

A spokesperson for Authentic said Ted Baker continues to be a powerful brand in its portfolio and it remained committed to the company and confident in the brand's long-term success.

Founded by retail turnaround specialist Jamie Salter, Authentic Brand owns nearly 50 fashion, sportswear and celebrity brands, including Reebok and a majority stake in David Beckham's business empire. It makes its money by charging licensees royalties to use the brands.