Plans for the Ted Baker Hotel could be scrapped and the Ugly Brown Building could be sold as fashion group Ted Baker issued another profit warning.
The retailer announced that full-year profits would be as little as £5m, a 90% nosedive on last year.
Chief executive Lindsay Page, who only took the post in April, announced that he would be stepping down with immediate effect to be replaced by Rachel Osborne as interim chief executive. Chairman David Bernstein is accelerating his retirement plans.
The group has said it will review its assets, which is likely to result in the sale and leaseback of its headquarters, the Ugly Brown Building near King’s Cross. Plans for a ‘Ted Baker Hotel’ on he site are likely to be scaled-back or scrapped.
