Adds particulars on job cuts, reorganisation, background
Adds particulars on job cuts, reorganisation, background
Feb 26 (Reuters) – Troubled style retailer Ted Baker TED.L stated on Wednesday it might minimize 102 jobs and take away one other 58 posts, that are at the moment vacant, at its head workplace to scale back prices.
The corporate stated the reorganisation is anticipated to scale back prices by 5 million kilos ($6.50 million) within the present monetary 12 months, and by 7 million kilos on an annualised foundation.
The transfer comes a month after Ted Baker stated stock on its steadiness sheet was overstated by 58 million kilos, greater than double its preliminary estimates.
The corporate suffered a string of setbacks final 12 months, together with revenue warnings, stock overstatement, suspension of dividend funds and administration modifications following misconduct allegations towards founder and prime shareholder Ray Kelvin, who has denied them.
Former Chief Govt Officer Lindsay Web page left the corporate in December after simply eight months…