It comes after the retailer’s profits before tax slumped to £79.9m for the year ended 25 January, down from the profits of £30.7m it made in 2018.
Additionally, total revenue was down 1.4% to £630.5m during the period which the retailer said was the result of significant discounting as seen across the apparel industry, particularly in the UK, in response to weak consumer spending and channel shift to online.
Retail revenues also fell 4.6% to £439.9m, driven by a 5.3% and 2.5% decrease in store revenues and e-commerce revenues respectively.
Despite this, wholesale revenues increased by 9.6% (up 8.1% in constant currency) to £171.5m, benefitting from incremental footwear revenue.
Ted Baker also revealed that it has proposed the appointment of BDO as its new auditors, with effect from the year commencing 26 January 2020.
BDO will be appointed auditors of the company and will hold office from the conclusion of the Annual General Meeting until the conclusion of the next general meeting at which accounts are laid before the company.
KPMG LLP has notified the company it is not seeking reappointment and will continue to hold office until the conclusion of the Annual General Meeting on 21 July 2020.
CEO Rachel Osborne said: “Today we are excited to launch ‘Ted’s Formula for Growth’, a comprehensive strategy for the Ted Baker brand which is supported by a significant recapitalisation of the business, that strengthens our position and enables us to both execute that transformation, and navigate through the disruption caused by Covid-19.
“The Ted Baker brand is much loved, it has a unique personality and character built up over many decades, and that provides us with a remarkably strong foundation from which to continue our international growth.”
She added: “Over the past six months our new executive team have pulled together and undertaken a thorough review of the business, identified key opportunities and acted decisively in a number of areas.
“I would like to thank each and every one of our team at Ted Baker for their extraordinary commitment over the past few months and I look forward to working with them to deliver this transformation and the exciting opportunities ahead.”