Ted Baker issues profit warning as top bosses quit

tedbaker

The chairman and CEO of UK fashion brand Ted Baker have both quit the company after it announced a huge fall in forecast profits for the year.

Lindsay Page has resigned as chief executive officer after only eight months at the helm of the troubled fashion house, and chairman David Bernstein has also resigned.

Rachel Osborne has agreed to become acting ceo, while the troubled retailer searches for a replacement.

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Fashion victim: Troubled Ted Baker faces lower profits, management departures.

The London-based retailer said expectations for the full year 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.

Last year, the company reported £50.9m in pre-tax profits.

“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”, the company said in a stock market statement.

The search for a new Chief Executive Officer will commence in January 2020.

The company’s London-listed shares fell more than 27% to £2.91 following the announcements.