British fashion retailer Ted Baker has had a challenging start to 2019. Shares of the retailer have fallen almost 14 per cent this year. Last year, Ted Baker posted its first drop in annual profit since the 2008 financial crisis. The performance reflects difficult and unpredictable trading conditions and unseasonable weather experienced across North America. The retailer experienced some challenges with its spring/summer collections. The company is actively focusing on cost control and new product initiatives to try and turn around results. Traditional brick and mortar apparel chains have suffered in the face of online competitors. Also British consumers worried by the impact of Brexit on the economy have reined in spending.

Ted Baker, founded in 1987, is a global lifestyle brand that offers men’s wear, women’s wear, children’s wear, and accessories like fragrance, skinwear, footwear, eyewear and watches. As part of a turnaround plan the brand is closing 20 of its 174 department concessions and will also look to close or cut the rents on some of its 73 UK stores.

Retail chains are closing stores in the UK against a backdrop of rising costs and a shift to online shopping. There has been a substantial loss in retail jobs this quarter.