Thursday 23rd January, 2020
British luxury clothing retailer Ted Baker has said it overstated the value of its stock by £58m, double previous estimates after a review by Deloitte.
The figure is higher than the £20-25m preliminary assessment announced by the retailer in December 2019.
The issue was also mentioned in Ted Baker's last annual report based on information from its auditors, KPMG.
In December 2018 Chief Executive Officer Ray Kelvin took a voluntary leave of absence from his role as CEO of Ted Baker, after allegations of misconduct were made against him. He has denied all allegations of misconduct.
The company has also seen its sales, profits and share price tumble. In October, the retailer reported a £23m loss for the six months to 10th August, down from a £24.5m profit last year.