This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-50725571
The article has changed 6 times. There is an RSS feed of changes available.
Version 2 | Version 3 |
---|---|
Ted Baker bosses resign as firm issues profit warning | Ted Baker bosses resign as firm issues profit warning |
(32 minutes later) | |
Ted Baker boss Lindsay Page, who was only appointed in April, has resigned in the latest blow for the troubled fashion retailer. | |
The brand's chairman David Bernstein has also quit, and it has issued another profit warning. | |
Ted Baker shares fell by as much as 36% on the news before paring some losses. | |
The firm, which is struggling with falling sales, said the past year had been the "most challenging in our history". | |
It has also been dealing with the fallout of a pa misconduct scandal involving previous boss Ray Kelvin. Mr Kelvin denies the allegations which involve claims of "forced hugging". | |
Crucial Christmas trading | |
Issuing its profit warning, Ted Baker said it had seen worse-than-expected trading in November, including on Black Friday. | |
As such, it said its full-year profit - previously forecast by analysts at £28.4m - was now likely to be just £5m to £10m, depending on how well it trades over Christmas. | |
The firm said it had hired consultants Alix Partners to carry out an urgent review of the group's business. It also announced it had suspended its shareholder dividend payout. | |
Shares in Ted Baker have fallen by more than 75% since January, in a year which has seen it give four profit warnings. | |
Last week its bosses also revealed that the group's inventory had been overstated by between £20m and £25m, sparking another tumble in the share price. | |
Chief financial officer Rachel Osborne will become acting chief executive with immediate effect, with Mr Page helping with the transition. | Chief financial officer Rachel Osborne will become acting chief executive with immediate effect, with Mr Page helping with the transition. |
Non-executive director Sharon Baylay will take on the role of acting chair following the departure of Mr Bernstein. | Non-executive director Sharon Baylay will take on the role of acting chair following the departure of Mr Bernstein. |