By Samantha Day • 26 February 2020 • 23:30
Ted Baker, is to axe 160 roles as the fashion retailer grapples with declining sales, profits and a £58m accounting error.
It announced the cuts, 102 staff redundancies and a decision not to replace 58 vacant roles, in the first stage of a restructuring designed to put the business back on track.
The cuts, which will affect office staff and not store employees, are expected to save £5m in the current financial year and £7m annually.
Rachel Osborne, the acting chief executive, said: “2019 was a very challenging year. The strategic priorities we are announcing today will re-energise the Ted Baker brand and improve our customer proposition, ensuring the long-term success of the business.”
Broad strategic priorities were also announced, including bolstering digital sales and expanding into new territories. “We need to become more efficient, simplify our structure and reduce our cost base to more sustainable levels for the future,” Osborne said.
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