Ted Baker woes deepen as retailer forced to revalue stock

An accounting scandal at Ted Baker is more than twice as big as initially estimated, the British fashion retailer said, adding to a stream of bad news over the past year and sending its shares down as much as 10%.

The company, known for suits, shirts and dresses with quirky details, said the value of stock on its balance sheet was overstated by £58m (€68m) as of January 26, 2019, more than double its preliminary estimate of up to £25m.