Ted Baker has now successfully raised £105 million through issuing stock to try and help support it through the coronavirus pandemic. The fundraising of the money comes after a difficult year of trading for the retailer, where underlying profit before tax plummeted more than ninety percent to £4.8 million.
The loss-making British luxury label announced plans to raise the money through an offer for subscription to help it cut debt and pursue a digital first strategy focusing on online sales. It’s been a difficult year for the retailer with a loss before tax of nearly £80 million pounds for the year to 25 January. The global pandemic caused a further blow to overall sales, with revenues down almost forty percent.
