Retail giants Next and Frasers Group have reportedly expressed an interest in purchasing collapsed fashion retailer Ted Baker.

Ted Baker fascia

It is understood that both companies have contacted administrators at Teneo Advisory to “explore a sale of all or parts” of Ted Baker, according to The Times.

Sources said some of Ted Baker’s stores could remain open if a deal is completed with Next or Frasers, with both understood to want to keep some branches in the portfolio.

Both businesses have less than six weeks to submit a bid and the newspaper reported that a buyer could be unveiled within the next three weeks.

Next is an existing licensing partner for Ted Baker across its childrenswear, lingerie and nightwear ranges.

Retail Week has approached Next for a comment. Frasers Group declined to comment.

Teneo announced earlier this week the closure of 15 Ted Baker stores across the UK and 245 job losses at the retailer.

Ted Baker stores set to close include London Bridge, Bromley, Birmingham Bullring, Bristol, Cambridge, Exeter, Leeds, Liverpool One, Milton Keynes, Nottingham and Oxford.