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Ted Baker, the British fashion retailer has announced that it will cut 500 jobs: 200 roles in its London headquarters and the remaining jobs from its shops across the UK. Redundancy consultations with the affected staff have already started.
According to media sources, the company faced financial difficulties before the COVID-19 pandemic started, however, the coronavirus crisis has exacerbated the problems. A spokesperson for the company said that the proposed job cuts were necessary to ensure the business was ‘sustainable’ in the long term and added that their website would also be improved.
The company was founded in Glasgow in 1988 as a luxury men’s fashion retailer and it has expanded across the UK, opening new shops and starting a women’s fashion range. Prior to the current restructuring Ted Baker employed over 2000 people in the UK and had 46 shops, including outlets in mainland Europe.
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