New blow for Ted Baker as scandal grows

Ted Baker's at the high end of British fashion - though not for its investors.

The UK retailer's shares dropped around 10% on Wednesday ...

After it revealed its accounting scandal had more than doubled in size.

The overstatement of inventory on its balance sheet - first disclosed last month - has gone up from 25 to 58 million pounds, it said - around $76 million.

The news caps a year of horrors for the company...

Which began when it started investigating misconduct claims - which he denies - against founder Ray Kelvin.

Kelvin quit as CEO in March ....

Only for replacement Lindsay Page to exit last month - leaving finance chief Rachel Osborne in charge.

Its shares recovered some ground later on Wednesday.

But at a fraction under three pounds - and after two profit warnings last year - they're worth less than a tenth of their all-time peak.

Its next results are due in March - when it says it'll update the market on a review it's currently carrying out.