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Exclusive: Ted Baker furloughs 75% of workforce

Ted Baker has furloughed around 2,000 employees, including head office staff, as a result of the coronavirus crisis. 

Employees were told yesterday of the decision, which affects around 75% of the total workforce.

A Ted Baker spokesman said: “In line with the UK government’s response to the Covid-19 pandemic, Ted Baker stores in the UK are temporarily closed, which is having a significant impact on the company’s revenues. Ted Baker has already taken a number of steps to reduce costs and protect cashflow, including by suspending all non-essential capital expenditure and stopping discretionary operating expenses.

“Today, we are taking a further step to reduce costs and safeguard jobs in the future by placing a significant number of our colleagues into the government-supported furlough scheme.”

The struggling retailer last week appointed acting chief executive officer, Rachel Osborne, into the top role permanently.

Last month Ted Baker agreed terms for the sale of its London head office, the Ugly Brown Building, for £78.8m. 

In December, it appointed consultancy firm AlixPartners to conduct an in-depth review its operations after a troublesome year.

 

 

 

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