Ted Baker to cut 500 jobs across retail and HQ

Ted Baker job cuts redundancies

Ted Baker is reportedly planning to cut 500 jobs as it struggles to survive amid the UK’s tough trading climate.

The job cuts represent a quarter of its UK workforce, and will take place across both retail and its head office.

Ted Baker staff were informed this month that at least 500 roles were being axed in an effort to save £6 million by the end of the year.

Some 200 jobs will go at the Ugly Brown Building, its London head office, with the rest from its 46 shops and dozens of store concessions, The Sunday Times reported.

Ted Baker has seen its shares drop by a colossal 89 per cent to 76p in the past year, valuing the company at £140 million.

The fashion retailer has been struggling even before the Covid-19 pandemic struck the UK.

Last year, it faced allegations of staff harassment by founder and former chief executive Ray Kelvin, all of which he has denied.

Kelvin was replaced by his long-standing chief operating officer Lindsay Page but by December, Page had also stood down after a string of profits warnings.

The job cuts come as Ted Baker faces an investor revolt over executive pay rises at this week’s annual meeting.

Rachel Osborne, who was appointed chief executive in March, is paid £525,000, a 14 per cent increase to her predecessor, Page.

The board wants to ramp up potential bonuses to 200 per cent of salary.

Ted Baker employs about 2000 in the UK across 50 standalone stores along with many concessions.

Read the full article here – retailgazette.co.uk