The company said it was raising the money to get through the Covid-19 crisis and return to profitable growth under a new strategic plan. Ted Baker plans to stabilise its finances, reduce costs, improve its products and revive its brand. William Ryder, an equity analyst at Hargreaves Lansdown, said: "Management tried to strike an optimistic tone when laying out their plans for the brand's future, but this feels like the last throw of the dice to us. Ted's staking it's future on a leaner operating model and a refreshed offering to customers, which is the standard blueprint for struggling retailers." Ted Baker has been in turmoil since founder Ray Kelvin was forced to quit a year ago over allegations of inappropriate behaviour towards employees, which he denied. After Kelvin's departure Ted Baker issued a series of profit warnings that exposed a £58m accounting error.