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Ted Baker to axe 102 jobs as part of cost review

The programme is expected to save £5mln this year and £7mln annually thereafter

Ted Baker plc - Ted Baker to axe 102 jobs as part of cost review

Ted Baker plc (LON:TED) has announced it will axe 102 jobs and remove 58 vacant posts as part of its cost-saving strategy.

The troubled clothier expects to save £5mln to next January and £7mln in the following financial years through the staff cuts.

READ: Ted Baker: new year, new Ted?

The restructuring, which includes reducing executive committee members to 9 from 13, will come with a one-off charge of £2.7mln.

The retailer has identified other priorities, such as focusing on customers and revitalising the brand.

“We are encouraged by the speed with which management are now taking action,” analysts at Liberum said.

Shares dipped 2% to 307.2p on Wednesday at noon.

Quick facts: Ted Baker plc

Price: 120.5 GBX

LSE:TED
Market: LSE
Market Cap: £53.73 m
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