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Fashion retailer Ted Baker is reportedly set to axe almost 500 head office and retail jobs.
According to the Sunday Times, some 200 jobs will be cut at its London headquarters, the Ugly Brown Building, with the remaining 300 roles being slashed across its 46 stores and concessions.
The move forms part of a £6m cost cutting measure, and comes after the retailer saw its profits before tax slump 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.
Last month 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.
