In an update on its formal sale process, Ted Baker has announced that it has received multiple non-binding proposals from potential buyers. The fashion retailer had decided to explore a sale after receiving unsolicited approaches from private equity group Sycamore Partners. However, the company has emphasized that there is no guarantee a sale will take place. Any potential buyers must meet specific criteria and offer a value that the board deems attractive when compared to Ted Baker’s prospects as a listed company.

Although management believes in the strong prospects of the company as an independent entity, some of the offers received have come close to meeting the board’s criteria for attractiveness. Consequently, a selected group of potential buyers has been invited to proceed to a due diligence process. During this process, Ted Baker will share confidential business information with the bidders who have signed non-disclosure agreements.

Uncertainty remains regarding the timing of further updates, as it is unclear whether any significant developments will occur prior to the company’s announcement of its annual and Q1 results on May 26th.

Relevant links:
1. CBS News: Ted Baker’s Border Patrol Cuff Findings
2. Financial Times: Ted Baker’s Sale Process