UK retailer Ted Baker discloses inventory overstatement, shares slide
Share:
(Reuters) - British fashion retailer Ted Baker said it may have overstated inventory by as much as 25 million pounds ($32.08 million) and appointed an independent law firm to take stock of unsold goods, kicking its shares to their lowest in a decade. Monday's announcement comes at the busiest time of year for retailers and exactly a year after a misconduct scandal that forced founder Ray Kelvin to step down as chief executive officer. Finance chief Lindsay Page took over as CEO. Shares in the..