There is more bad news for embattled shareholders in Ted Baker this morning. The fashion retailer has warned that it has discovered that the value of inventory held on its balance sheet has been overstated. “Based on preliminary analysis the board estimates an impact on value of £20 million to £25 million,” the retailer said in a brief stock exchange statement. “The board believes that any adjustment to inventory value will have no cash impact and will relate to prior years.”Rachel Osborne, the highly rated former chief financial officer at Debenhams, joined Ted Baker as finance director at the start of November. The company has said that it appointed the City law firm Freshfields Bruckhaus Deringer to undertake a comprehensive review.

Source: The Times December 02, 2019 09:00 UTC