LONDON, United Kingdom — Ted Baker is cutting more than a quarter of its staff in the UK in a bid to save money, the Sunday Times reported.

The fashion retailer told workers this month that at least 500 roles would be axed in an effort to save £6 million ($7.5 million) by the end of the year. Around 200 jobs will be cut from its London headquarters, while the rest will go from its 46 shops and dozens of store concessions, the newspaper reported. Ted Baker employs about 2,000 staff in Britain.

Ted Baker said the reductions were part of its continuing transformation plan. “We believe this is necessary in order to transform Ted Baker and create a more sustainable business in the future,” the firm said in an emailed statement Sunday.

The job losses come at a difficult time for the sector, after the UK’s lockdown forced shops to shut down in a bid to halt the spread of Covid-19. While shops are now reopening, many companies are cutting jobs in a bid to save profits.

By Ellen Milligan