Struggling retailer Ted Baker raises £105 million to ride out pandemic

FILE PHOTO: Rain drips off a sign on a Ted Baker sign on a store in London, Britain October 06, 2015. British designer clothing brand Ted Baker on Tuesday said retail sales were up by just over 20 percent in its first half year, boosted by solid demand at home and a strong performance in North America. REUTERS/Neil Hall

(Reuters) - Ted Baker TED.L has raised £105 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.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva