The company has said it will make cut 102 jobs and leave 58 current vacancies within the company unoccupied.

Ted Baker said that the decision was made after the Group’s management team conducted a ‘wide-ranging review’ of the company’s operational efficiency, costs and business model.

In a further attempt to boost its balance sheets, Ted Baker entered talks with British Airways’ pension scheme to sell a large stake in its London headquarters, Sky News reports.

Scottish Financial News reported in December last year, that the company issued a profit warning after an accountancy blunder overstated the value of its inventory by £58 million.

The fashion firm also saw its CEO Lindsay Page and chairman David Bernstein resign last year.

Ted Baker said that the expected financial impact from this initiative will be to reduce costs by £5m in the current financial year, and by £7m on an annualised basis.

However, the changes will incur a cash restructuring charge of £2.7m, which will be taken in the current year.

Commenting on the restructuring, Rachel Osborne, acting chief executive officer, said: “2019 was a very challenging year for Ted Baker, but I am confident about the future growth prospects for the Group. The strategic priorities we are announcing today will re-energise the Ted Baker brand and improve our customer proposition, ensuring the long-term success of the business.

“We recognise that to support these priorities we need to become more efficient, simplify our structure and reduce our cost base to more sustainable levels for the future.

“The changes we are announcing today are difficult because colleagues across the business have been working hard in what has been a challenging period for Ted Baker. I would like to thank all of them for their commitment and the passion they have shown for the business.”