ABG's Ted Baker seeks job cuts
In a tough retail landscape, news of redundancies are expected grow following the key Christmas trading and clearance sale periods.
Ted Baker has become the industry’s most high-profile brand to be looking at potential job cuts so far in January, with the fashion and lifestyle retailer saying it’s carrying out a redundancy consultation with staff at its head office. Some 30 roles across marketing and merchandising said to be at risk.
The news, which was first reported by Drapers, sees it joining online homewares retailer Not on the High Street and discount retailer Wilko in announcing potential job losses in the last few days, with rumours that Boohoo is cutting some roles and ASOS also confirming earlier announced cuts.
A spokesperson for Ted Baker said the redundancy consultation is part of a strategic review being carried out at the retailer's HQ, driven by the economic climate in the UK. No store staff are affected by the move.
Ted Baker, which has been acquired by American fashion group Authentic Brands Group (ABG) in October, said in a statement: “Due to the current macroeconomic challenges in the UK, we’re having to make some difficult decisions at Ted Baker to reshape our business for the future. As part of this, we will be entering into a period of consultation with some of our UK team members, excluding those working in our retail stores.
“We’re sad to have to take this action and will be supporting our team members throughout the process. We remain confident in our long-term prospects under new ownership and that we are well-positioned to continue providing our customers with a great product and great service.”
ABG, which owns brands such as Reebok and Juicy Couture, agreed a £211 million deal to buy the business last autumn. At the time of the takeover, Ted Baker interim chair Helena Feltham, said the business was facing an “uncertain economic environment”.
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