Nevertheless, the company is in no imminent danger of collapse, given the profitability of its international licensing operations.had led it to overstate the value of its stock by up to £25m.
David Bernstein, the chairman, also left with immediate effect in December, while the senior independent director, Ron Stewart, also quit.Other advisers have also been drafted in, including AlixPartners, which is undertaking a review of the retailer's costs and its business model. In December, the company warned that trading during the previous month, including the 'Black Friday' period, had been"below expectations".
Mr Kelvin, who remains Ted Baker's biggest shareholder, has been linked with a possible bid to take the company private, although he is not thought to have any imminent plan to do so.