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Ted Baker plans 500 job cuts

Ted Baker is understood to be planning to cut 500 jobs from its workforce of 2,000 across the UK. According  to a report in The Sunday Times,… View Article

FASHION

Ted Baker plans 500 job cuts

Ted Baker is understood to be planning to cut 500 jobs from its workforce of 2,000 across the UK.

According  to a report in The Sunday Times, 200 jobs will be lost at the retailer’s head office and 300 across its retail teams as it looks to save around £6 million by the end of the year.

Last month, Ted Baker announced that it had swung to a pre-tax loss of £79.9 million in the year to 25 January from a pre-tax profit of £30.7 million in the previous year after retail sales declined by 4.6%.

The retailer also launched a £95 million share sale to help strengthen its balance sheet, kickstart its recovery following the coronavirus pandemic, and implement a new transformation plan.

 

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