Ted Baker in UK cuts jobs as losses rise, Brexit looms



UK style retailer Ted Baker reduce 953 jobs due to losses within the first half this yr ensuing from the coronavirus-induced lockdowns, it mentioned, warning of additional ache from a possible no-deal Brexit. “Even with a few of our legacy points being amplified by COVID-19, our stability sheet is materially stronger than we had envisaged this early within the plan and operational money circulate will probably be optimistic for the full-year,” mentioned chief government Rachel Osborne.

The pandemic compounded difficulties for the retailer, which has been hit by revenue warnings, administration adjustments and an accounting scandal since founder Ray Kelvin stepped down as chief government officer in 2019 after misconduct allegations, which he has denied.

Ted Baker overhauled its administration workforce this yr and raised about $126 million in fairness to bolster its pandemic-hit funds, based on a worldwide newswire.

Its three-year turnaround plan is anticipated to ship £31 million in annual financial savings, up from the beforehand focused £27 million, the corporate mentioned.

With Britain’s full exit from the European Union solely weeks away and a commerce deal nonetheless hanging within the stability, Ted Baker warned that, in a worst-case state of affairs, full-year revenue may take a £16.1 million pound hit.

Fibre2Fashion Information Desk (DS)

Ted Baker reduce 953 jobs due to losses attributable to lockdowns within the first half, and warned of additional ache from a possible no-deal Brexit. The pandemic compounded difficulties for the retailer, which has been hit by revenue warnings, administration adjustments and an accounting scandal since founder Ray Kelvin stepped down as CEO in 2019 after misconduct allegations.





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