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| 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. | 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. | 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. | 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". | 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 misconduct scandal involving previous boss Ray Kelvin. Mr Kelvin denies the allegations which centre on claims of "forced hugging". | |
| Crucial Christmas trading | Crucial Christmas trading |
| Issuing its profit warning, Ted Baker said it had seen worse-than-expected trading in November, including on Black Friday. | 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. | 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. | 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. | 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. | 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. |