The pandemic is on the rise yet again in the UK and there seems to be no respite for fashion retailers who continue to struggle.
Amidst the ongoing chaos and uncertainties, British fashion retailer Ted Baker has announced that it will be cutting as many as 500 jobs. That’s more than a quarter of its UK workforce.
Notably, of the 500 jobs to be hit, 200 will be at retailer’s head office in London.
The retailer also announced that lot of employees from its UK and Europe stores too are going to be impacted by the job losses. Both part-time and full time jobs, reportedly, are going to be affected.
The decision is being seen as Ted Baker’s business strategy to revamp the organisation, which has been struggling ever since late last year, which led to its CEO Lindsay Page resign from his post.
And then 2020 brought with it the never-ending pandemic crisis, store closures and extended lockdowns leading to a 36 per cent slump in its revenue between 26 January 2020 and 2 May 2020.
The decision to axe 500 jobs is an addition to 160 job cuts that the retailer had announced in February this year.
As a part of its restructuring plan, which Ted Baker had announced last month, the retailer will now focus on expanding its apparel category to make it relevant for all occasions in addition to selling more shoes and fashion accessories.
Besides, there will also be efforts to invest more on enhancing company’s digital business.
