Ted Baker has saved £3m in property costs through rent negotiations with landlords and expects the total saved in its 2021 financial year to reach £16m.
The retailer has faced the challenges of the coronavirus lockdown at the same time as working through its own three-year “Ted’s Formula for Growth” restructuring plan, a focus of which is improving retail store profitability.
The company has been reopening stores across the UK, Europe and North America since late April, with 95% of stores globally open as of 18 July. Like-for-like store sales were down 50% year-on-year over the past four weeks, according to a trading update.
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