BDO will be appointed auditors of the company and will hold office from the conclusion of the Annual General Meeting until the conclusion of the next general meeting at which accounts are laid before the company.
KPMG LLP has notified the company it is not seeking reappointment and will continue to hold office until the conclusion of the Annual General Meeting on 21 July 2020.
It comes after the retailer’s profits before tax slumped to £79.9m for the year ended 25 January, down from the profits of £30.7m it made in 2018.
Additionally, total revenue was down 1.4% to £630.5m during the period which the retailer said was the result of significant discounting as seen across the apparel industry, particularly in the UK, in response to weak consumer spending and channel shift to online.
Retail revenues also fell 4.6% to £439.9m, driven by a 5.3% and 2.5% decrease in store revenues and e-commerce revenues respectively.
CEO Rachel Osborne said: “Today we are excited to launch ‘Ted’s Formula for Growth’, a comprehensive strategy for the Ted Baker brand which is supported by a significant recapitalisation of the business, that strengthens our position and enables us to both execute that transformation, and navigate through the disruption caused by Covid-19.”