Ted Baker has called in consultancy firm AlixPartners to help with a root-and-branch review of operations after a difficult year that has seen it issue three profit warnings.
The review will cover all areas of the business and is separate from the investigation the struggling retailer opened into its past overstatement of inventory levels, which it announced earlier in the week, the Financial Times reported.
AlixPartners will come up with a turnaround strategy for Ted Baker and will also look at its customer strategy, cost base, supply chains and cross-departmental operations.
A spokesman for the brand said: “From time to time the group engages professional advisers to provide additional expertise in order to help enhance the group’s operations and drive progress against Ted Baker’s strategy to further develop as a global lifestyle brand.”
Ted Baker has endured a horror year following the abrupt departure of founder and former chief executive Ray Kelvin, who stood down under a cloud of misconduct allegations in March.
At its interim results in October, Ted Baker reported that it had swung to a loss of £23m in the 28 weeks to August 10.
Last week, it said it had hired law firm Freshfields Bruckhaus Deringer LLP and was looking to bring in independent accountants to look into the fact that the value of the stock held on its balance sheet had been overstated by between £20m and £25m.
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