As per an Economic Times reports, British fashion retailer Ted Baker’s half-year losses ballooned as coronavirus-led lockdowns dented retail sales.

The company had already being hit by profit warnings, management changes and an accounting scandal since founder Ray Kelvin stepped down as CEO in 2019 after misconduct allegations, before coronavirus compounded difficulties.

This year, the company overhauled its top management team and raised about 95 million pounds in equity to bolster its pandemic-hit finances. It expects its three-year turnaround plan to deliver £31 million in annual savings. Its pretax loss widened to £39 million in the six months ended August 8, from £2.7 million a year earlier.