Ted Baker cuts 200 jobs
Ted Baker has cut around 200 jobs in its head office workforce. This move comes as the company transitions to an outsourcing model following its acquisition by Authentic Brands Group (ABG)
According to the Retail Gazette, these cuts have affected several departments, including sourcing, finance, production, and footwear. Currently, the company is undergoing a turnaround strategy, which includes transitioning to an outsourcing model to streamline operations and enhance efficiencies.
This transformation follows its acquisition by ABG last October. The brand management company has outsourced Ted Baker's stores and its e-commerce platform to AARC, a retail management company that will take responsibility for operating the business across 11 countries in Europe, the Middle East, and Africa.
In addition, the company's leadership has also changed, with the departures of former CEO Rachel Osborne, Chief Financial Officer Marc Dench, Chief People Officer Peter Collyer, and Commercial and Business Development Director Helen Costello, six months after the completion of the acquisition.
Image Credits: purefitout.com
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