Ted Baker planning to cut 25% of UK workforce
Ted Baker is reported to be planning to make 500 job cuts, representing a quarter of its UK workforce, across both retail and its HQ.
The Sunday Times reports that staff have been informed that 300 jobs will be cut in retail and a further 200 at its north London HQ, the "Ugly Brown Building".
The premium fashion and lifestyle retailer is attempting to transform itself after a tumultuous 2019, followed by the COVID-19 crisis.
New CEO Rachel Osborne, who joined initially as CFO from Debenhams last autumn, has raised £105m through a share placing and a further £72m through a sale and leaseback of its London HQ with latter going towards the reduction of its debt.
The business had been struggling before the coronavirus forced it to close its stores, which were re-opened in stages in June. It operates close to 50 standalone stores in the UK along with many concessions.
Last year it was rocked by allegations of staff harassment by founder and former CEO Ray Kelvin, which he has denied. Kelvin was replaced by his long-standing COO Lindsay Page but by December, Page had also stood down after a string of profits warnings.
Osborne was appointed interim CEO after Page's departure and was made permanent CEO earlier this year. It has also welcomed former Next chairman, John Barton, to its board and appointed former Topshop design chief, Anthony Cuthbertson as global creative director.