Ted Baker is restructuring its head office team in a bid to drive cost efficiencies after “a very challenging year”.
The fashion retailer’s head office restructure, which has been launched in a bid to “simplify and de-layer the group’s organizational structure”, will result in 102 roles being made redundant and a further 58 vacancies being removed from the business.
The move, which has been made following a cost base review conducted by Alix Partners, is expected to save the retailer £5m in its current financial year and £7m on an annualized basis.
One-off costs of £2.7m will be incurred as a result of the restructure.
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