British fashion retailer Ted Baker plans to cut 500 jobs, of which 200 will be at retailer’s head office in London. The decision will impact both part and full time employees from its UK and Europe stores. The decision is an addition to 160 job cuts that the retailer had announced in February this year.
The decision is being seen as Ted Baker’s business strategy to revamp the organization, which has been struggling ever since late last year, which led to its CEO Lindsay Page resign from his post. The year 2020 brought with it the never-ending pandemic crisis, store closures and extended lockdowns leading to a 36 per cent slump in the retailer’s revenue between 26 January 2020 and 2 May 2020.
As a part of its restructuring plan, the retailer will now focus on expanding its apparel category to make it relevant for all occasions in addition to selling more shoes and fashion accessories. In addition, it will also make more investments in its digital business.
