Dozens of Ted Baker stores will shut for the final time across the UK, putting more than 500 jobs at risk.

Ted Baker closing its remaining stores putting 500 jobs at risk

Around 25 head office workers will also be made redundant in a bid to cut central costs.

Ted Baker to shut 15 shops and axe 245 jobs

The fashion chain said it is now expecting annual pre-tax profits to plummet to between £5 million and £10 million.

The clothing retailer’s founder was accused of enforcing a ‘hugging’ culture at the company.

Mr Kelvin said that stepping away is the ‘right thing to do’.

Ray Kelvin is to step back from the company while allegations are investigated.

An online petition was set up demanding the fashion firm establish a way of reporting allegations of harassment to an independent body.