Ted Baker, which has a Cambridge store, issues profit warning
Designer fashion retailer Ted Baker is the latest big name to find itself struggling after issuing a profit warning and the resignation of two of its bosses.
The company, which described the last 12 months as the "most challenging in our history" has a presence in the Grand Arcade.
After confirming its profit forecast was down to £5m-£10m - blaming lower than expected Black Friday sales and a slow November - it announced both its chief executive officer, Lindsay Page, and executive chairman, David Bernstein, had resigned.
Mr Page had only been in post since April when he replaced founder Ray Kelvin amid claims of misconduct - one of which was "forced hugging". He denies the claims.
Rachel Osborne has agreed to become acting CEO with immediate effect with the hunt for a permanent replacement starting in January.
Sharon Baylay, acting chair, said: "The board would like to recognise and thank Lindsay for his significant contributions to Ted Baker over the last 22 years. Lindsay played a key role throughout the development of Ted Baker into an international brand."
But the financial predictions for the period ending January 25 will be of most concern.
It says it has been reduced to a minimum profit before tax of £5m - with that figure doubled if Christmas trading shows improvement.
Independent consultants Alix Partners have been engaged to conduct a "wide-ranging review" of the group's operational efficiency, costs and business model, the firm confirmed.
The board said it anticipated "difficult trading conditions will continue".
It added it was "taking the necessary immediate actions to address underperformance and improve efficiencies across the wider group" and that it was "confident that these will return the group to a stronger position and continue the brand's long-term development".
Shares in the firm have plunged over the course of the year, amid a number of earlier profit warnings.
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