Fashion retailer Ted Baker said it had discovered that the the value of inventory held on its balance sheet had been overstated. The value of the error was estimated at £20m-to-£25m, based on a preliminary analysis. The company said it had appointed Freshfields Bruckhaus Deringer and would also hire independent auditors to review the issue, reporting to a sub-committee chaired by director Sharon Baylay. All costs and fees associated with the review would be expensed in the period incurred. 'Ted Baker is committed to ensuring the independent review is completed in an efficient and transparent manner and will update the market as appropriate,' it said. 'Whilst the review is ongoing, the company will not comment further.' Ted Baker said it believed that any adjustment to inventory value would have no cash impact and would relate to prior years.
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