// Ted Baker appoints former HMV group finance director as interim CFO
// David Wolffe was the group finance director at HMV from 2011 to 2012
// He joined Ted Baker at the end of January from Genius Sports
Ted Baker has drafted in the former HMV group finance director David Wolffe as the new interim chief financial officer.
Wolffe was the group finance director at HMV from 2011 to 2012, where he was responsible for bank refinancings and syndicate management, investor relations, shareholder approvals, asset disposals, cash management and strategic supplier negotiation.
He joined Ted Baker at the end of January from Genius Sports, where he was also interim chief financial officer.
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He also has experience as interim chief financial officer at wellbeing retailer Facegym, where he served for a few months last year.
The news comes after Ted Baker put its London head office up for sale on Tuesday in a bid to help shore up its balance sheet.
Shares in the retailer declined since it emerged in January that Ted Baker had overstated its stock by £58 million – much higher than the initial estimate of £25 million as first revealed just weeks before Christmas.
On Wednesday, Ted Baker said following a review that it plans to cut costs on its office functions, which will see staff lose their jobs.
Between 100 to 160 jobs are at risk of redundancy as it shakes up the company after a “challenging year”.
According to various reports, there is likely to be at least 102 head office redundancies, with a further 58 job posts – currently vacant – set to be scrapped.
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