According to msn.com British fashion retailer Ted Baker is reportedly poised to axe one quarter of its workforce as it grapples with turmoil on the High Street.
The company is said to be planning to lay off 500 of its 2,000 UK staff.
Sales have suffered a blow during coronavirus and the firm slumped to a £79.9m loss in the year to January.
In a move to drum up cash, Ted Baker sold its London headquarters, The Ugly Brown Building, for £78.8m in March and launched a £95m share sale last month.
Of the jobs to be cut, 200 will be at its headquarters and 300 from its retail workforce, according to The Sunday Times.
It is the latest major firm to announce job cuts in the wake of the pandemic.
However, Ted was struggling even before the crisis and new boss Rachel Osborne has laid out a transformation plan that would slash costs and shift the firm towards online sales.
Analysts say Ted Baker has struggled amid online competition from the likes of Boohoo.com.
source https://www.msn.com
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