Ted Baker has earmarked 102 head office roles for redundancy and has put any recruitment for other vacant posts on hold. The business is being advised by AlixPartners which has undertaken a full cost review. A spokesperson for Ted Baker said: “A key area of focus for management following the cost review is to reduce our office cost base, in particular by simplifying and de-layering the group’s organisational structure. Earlier this month (February), the executive committee was restructured, with the number of members reduced from 13 to 9. The group has today announced proposals to reorganise key head office and business functions to align with the new simplified management structure.”
The business expects to achieve a cost saving of £5 million in its current financial year through its actions. “2019 was a very challenging year for Ted Baker, but I am confident about the future growth prospects for the group,” commented Rachel Osborne, acting CEO. “The strategic priorities we are announcing today will re-energise the Ted Baker brand and improve our customer proposition, ensuring the long-term success of the business. We recognise that to support these priorities we need to become more efficient, simplify our structure and reduce our cost base to more sustainable levels for the future. The changes we are announcing today are difficult because colleagues across the business have been working hard in what has been a challenging period for Ted Baker. I would like to thank all of them for their commitment and the passion they have shown for the business.”
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