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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ted Baker Plc    TED   GB0001048619

TED BAKER PLC

(TED)
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Troubled retailer Ted Baker to cut 102 jobs to reduce costs

02/26/2020 | 07:50am EST
Rain drips off a sign on a Ted Baker sign on a store in London, Britain

Troubled fashion retailer Ted Baker said on Wednesday it would cut 102 jobs and remove another 58 posts, which are currently vacant, across its offices to reduce costs.

The company said the reorganisation is expected to reduce costs by 5 million pounds ($6.50 million) in the current financial year, and by 7 million pounds on an annualised basis.

The move comes a month after Ted Baker said inventory on its balance sheet was overstated by 58 million pounds, more than double its preliminary estimates.

The company suffered a string of setbacks last year, including profit warnings, inventory overstatement, suspension of dividend payments and management changes following misconduct allegations against founder and top shareholder Ray Kelvin, who has denied them.

Former Chief Executive Officer Lindsay Page left the company in December after just eight months in the role, along with Chairman David Bernstein.

"A key area of focus for Management following the cost review is to reduce our office cost base, in particular by simplifying and de-layering the Group's organisational structure," the company said.

Earlier this month, the company's executive committee was restructured, with its members reduced from 13 to 9, Ted Baker added.

The company said reduction in its office headcount is the first of several likely initiatives to improve its efficiency and cost structure. Ted Baker expects a restructuring charge of 2.7 million pounds in the current year.

The company, known for suits, shirts and dresses with quirky details, also said it was looking to boost sales by focusing on digital growth, brand revitalisation and extending its product line.

(This story corrects first paragraph to show job cuts are across the business and not in Ted Baker's head office)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2020
Stocks mentioned in the article
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BASE,INC. 3.40% 13380 End-of-day quote.37.09%
CARNIVAL CORPORATION & PLC -2.51% 20.22 Delayed Quote.-6.65%
MEMBERS CO., LTD. 4.40% 2730 End-of-day quote.17.72%
TED BAKER PLC -3.74% 101.94 Delayed Quote.-8.79%
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More news
Financials
Sales 2021 362 M 496 M 496 M
Net income 2021 - - -
Net Debt 2021 52,9 M 72,5 M 72,5 M
P/E ratio 2021 -2,11x
Yield 2021 -
Capitalization 195 M 267 M 268 M
EV / Sales 2021 0,69x
EV / Sales 2022 0,44x
Nbr of Employees 3 621
Free-Float 87,4%
Chart TED BAKER PLC
Duration : Period :
Ted Baker Plc Technical Analysis Chart | TED | GB0001048619 | MarketScreener
Technical analysis trends TED BAKER PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 157,00 GBX
Last Close Price 105,90 GBX
Spread / Highest target 88,9%
Spread / Average Target 48,3%
Spread / Lowest Target 22,8%
EPS Revisions
Managers and Directors
NameTitle
Rachel Claire Elizabeth Osborne Chief Executive Officer & Director
Robert John Orr Barton Non-Executive Chairman
David Wolffe Chief Financial Officer
Andrew R. Jennings Independent Non-Executive Director
Helena Joan Feltham Senior Independent Non-Executive Director
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KERING SA-8.48%82 702
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HENNES & MAURITZ AB6.19%36 464