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Ted Baker plans £95m stock issue after results slump

Revenue slumped 36% for the 14-week period from Jan. 26 to May 2, mainly due to the stay-at-home orders to prevent the spread of COVID-19.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Fashion brand Ted Baker on Monday rolled out plans to raise 95 million pounds ($117.84 million) through a stock issue to help it ride out the challenges posed by the coronavirus, after reporting a loss of 79.9 million pounds for the year to January.

The company, known for suits, shirts and dresses with quirky details, laid out a transformation programme under its new Chief Executive Rachel Osborne as it strives to put a year marred by internal troubles and limp sales growth behind it.

"The Board recognises that last year's performance was disappointing for all of Ted Baker's stakeholders, reflecting a challenging external environment as well as significant internal disruption, driven by a number of senior leadership departures," the company said in a statement.

Ted Baker

Sell: 83.60 | Buy: 84.90 positive 4.70 (5.88%)
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Prices delayed by at least 15 minutes.

Revenue slumped 36% for the 14-week period from Jan. 26 to May 2, mainly due to the stay-at-home orders to prevent the spread of COVID-19.

Even before the lockdown, Ted Baker was struggling to recover from setbacks including an accounting scandal, a string of profit warnings and management reshuffle after founder Ray Kelvin stepped down amid misconduct allegations. Kelvin has since denied the allegations.

($1 = 0.8062 pounds) (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur and Rashmi Aich)


Copyright (2020) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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