May 8 (Reuters) - Billionaire Mike Ashley's Frasers Group is closing in on a deal to become the new British partner of struggling fashion chain Ted Baker, Sky News reported on Wednesday, citing retail industry sources.
Apparel and sportswear retailer Frasers has emerged as the preferred partner for the chain following the collapse of No Ordinary Designer Label (NODL), Ted Baker's existing UK licensing partner, the report added.
Frasers and NODL's administrators are hoping to reach an agreement on a deal in the coming days, the report said.
Ted Baker, a popular brand in the UK, fell into administration in March, more than a year after it was sold to U.S.-based Authentic Brands Group.
NODL, which trades under Ted Baker's brand in the UK, had appointed Teneo Financial Advisory as its administrator in March. Teneo said last month 15 Ted Baker stores in the UK would be shut down, putting 250 jobs at risk.
Teneo and Frasers declined to comment on the Sky News report.
($1 = 0.8013 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Devika Syamnath
Source: Reuters