Ted Baker forecasts big losses
By Sarah Wood | 8th June 2021
Fashion retailer Ted Baker is expected to unveil a £65 million loss after sales plummeted during the pandemic.
The retailer, which has a store at Gloucester Quays, was hit by both the closure of non-essential shops through the three lockdowns and its own focus on occasion-wear and formal clothing, as reported by Retail Gazette.
It is expected to report a £65.2 million operating loss for the year to 30th January. However, it said that the figures are in line with expectations.
Ted Baker recently announced that it has secured an extension to its refinancing arrangements, including a £90 million credit facility.
The retailer cut around 950 jobs last year, after a huge fall in retail sales as a result of the pandemic. It is thought that cutting its cost base could help Ted Baker to bounce back as life returns to normal.
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