A profit warning and subsequent plunge in its share price coupled with a raft of resignations from its board made for a stormy morning for fashion giants Ted Baker.

The troubled company which has lurched from one crisis to another since founder Ray Kelvin was forced to resign after reports of a 'forced hugging' scandal earlier this year, issued a trading statement this morning.

It was accompanied by two further announcements which confirmed the departure of Mr Kelvin's replacement as chief executive and the resignation of the group chairman.

The bleak outlook of the trading statement said that Ted Baker - who have a showpiece Gloucester Quays store and a concession in Cheltenham's House of Fraser - would not hit profit forecasts.

It said: "Expectations for the period ending 25th January 2020 have been reduced to a minimum profit before tax of £5m, with a potential outcome of up to £10m dependent on Christmas trading and final year-end review.

Below expectation trading for November, including Black Friday is set to continue, the firm said so it was "appropriate to take a more cautious outlook for the remainder of the financial year."

It added: "The last 12 months has undoubtedly been the most challenging in our history, yet the Ted Baker brand remains well supported by our customers, partners and trustees and we appreciate their ongoing support."

A further announcement confirmed that Lindsay Page had resigned as chief executive officer to be replaced by Rachel Osborne as acting CEO

That announcement said: "The Board has accepted Lindsay's offer to support a number of ongoing initiatives and assist an orderly transition of his role. The search for a new Chief Executive Officer will commence in January 2020.

Lindsay joined the Group in 1997 from Arthur Andersen prior to the Company's IPO. When Lindsay joined the Company, Ted Baker had six shops and one concession in the UK and a turnover of £14m.

"Alongside the brand's founder, Ray Kelvin CBE, Lindsay has played a key role in Ted Baker's expansion into a truly international brand with a presence in 50 countries.

Lindsay Page commented: "I would like to thank everyone at Ted Baker whom I have had the pleasure of working with since 1997. In particular, I am grateful for the team's support over the last 12 months.

"I would also like to take this opportunity to thank Ray Kelvin for the opportunity he gave me 22 years ago to join this fantastic brand and help to achieve his vision of creating a truly international business. I am very proud of everything the team at Ted Baker has achieved together.

"Ted Baker continues to be a very strong global brand and I wish Rachel Osborne and the rest of the team every success in achieving further growth."

Following Ms Page out of the door is David Bernstein, the form

er chairman of the Football Association, who has resigned from his role as executive chairman.

Sharon Baylay has assumed the role of Acting Chair of the Board until a permanent successor is appointed.

Sharon Baylay, Acting Chair, commented: "On behalf of the Board, I would like to thank David for his contribution to the Board of Ted Baker, as a Non-Executive Director, Non-Executive Chairman and, most recently, Executive Chairman. We wish David every success for the future."

In the immediate aftermath of the announcement, Ted Baker shares opened around 30 per cent down on the Monday close, but later rallied slightly to be trading 15 per cent down at 11.30am.