June 18, 2020 / 7:05 AM / 23 days ago

Struggling retailer Ted Baker raises 105 mln pounds to ride out pandemic

June 18 (Reuters) - Ted Baker has raised 105 million pounds ($131.78 million) in new equity, the loss-making fashion retailer said on Thursday, amid plans to reduce cost and shift toward online sales as it struggles to ride out the coronavirus crisis.

The company, known for its suits and dresses with quirky details, said in June that it planned to offer 126.7 million shares at 75 pence each, a 51.1% discount to its closing price on May 29. ($1 = 0.7968 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)

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