Hit by losses in the first half – all thanks to the pandemic – British fashion retailer Ted Baker announced yesterday (7 December) that it will be cutting 953 jobs.
The decision will impact jobs at retailer’s corporate offices and stores.
The half-yearly statement showed Ted Baker posting a massive drop of 45.9 per cent in revenue to touch £169.5 million.
The adjusted losses for the 28 weeks were 38 cents per share.
Back in July, there were reports that Ted Baker was planning to axe 500 jobs by the end of 2020 to cut costs. However, the numbers have now almost doubled.
Also Read: Ted Baker to axe 500 jobs!
With the announcement to axe 900 jobs now, the retailer hopes to save £6 million. Here it is also important to mention that 2020 also Ted Baker reshuffle its management that helped the retailer save around £95 million.
The retailer also added that in its 3-year turnaround plan, it plans to save £31 million in yearly savings – a jump from the initial target of saving £27 million.
Meanwhile, Ted Baker also said that with Britain’s exit from European Union (EU) not far away, the retailer – in a worst possible scenario – could face a loss of £16.1 million. We will get a better picture by the start of next year.
The London-based retailer, known for suits and shirts, generated revenue of £617.4 million in 2019.
