Ted Baker plans 500 job cuts

Ted Baker is understood to be planning to cut 500 jobs from its workforce of 2,000 across the UK.

According  to a report in The Sunday Times, 200 jobs will be lost at the retailer’s head office and 300 across its retail teams as it looks to save around £6 million by the end of the year.

Last month, Ted Baker announced that it had swung to a pre-tax loss of £79.9 million in the year to 25 January from a pre-tax profit of £30.7 million in the previous year after retail sales declined by 4.6%.

The retailer also launched a £95 million share sale to help strengthen its balance sheet, kickstart its recovery following the coronavirus pandemic, and implement a new transformation plan.

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