Troubled vogue retailer Ted Baker stated Friday it has closed businesses that accounted for some 38% of its international retail sales in 2020 due to the coronavirus pandemic.
It has shut 197 retail outlets and concessions out of 416 locations worldwide with full closure in the U.S., Canada, Spain, France, Germany, Portugal and Belgium.
In other markets, the retailer stated it was going through reduced trading hours; however, it added it was too early to provide guidance for the financial year 2020.
Nevertheless, the fashion retailer stated it has seen very less supply network disruption so far from the pandemic and that the majority of its plants in China are now operational.
Ted Baker stated its “inventory levels are enough”, nevertheless it was calling off all non-essential capital expenditure and limiting travel to cut back costs and shore up cash circulation.
In February, the corporation determined to sack 102 jobs to reduce costs. The retailer suffered a series of setbacks in 2019, along with profit warnings, inventory overstatement, suspension of dividend and management shakeup following misconduct allegations towards founder and prime shareholder Ray Kelvin, who has denied them.
Individually, the company stated it has entered into a contract with a British Airways Pension Trustees arm to sell the entire issued share capital of its subsidiary Big Lobster for a sale consideration of 78.75 million pounds ($91.23 million).