Analysts weighed the possibility of Ted Baker Plc founder Ray Kelvin making a bid for the U.K. fashion chain after it announced the resignations of its chairman and interim chief executive officer, suspended its dividend and issued a profit warning, sending the shares down as much as 36 per cent.

British newspapers including the Mail on Sunday and the Times have previously reported that Kelvin is considering backing a buyout offer and Tuesday’s update reignited debate among analysts about whether he might make a bid. Kelvin, who has about a 35 per cent stake in the company according to data compiled by Bloomberg, resigned as CEO in March after allegations that he gave employees unwanted hugs.

Shares in Ted Baker tumbled to the lowest level since June 2003 before paring declines to 13 per cent as of 10:20 a.m. in London. The company said it hired Alix Partners as consultants to conduct a review. The stock’s 78 per cent decline so far in 2019 makes it the fifth-worst performer in the FTSE All-Share Index and on track for its worst ever year.

Here’s a round-up of what analysts are saying:

Peel Hunt, John Stevenson

Tuesday’s update revealed a disappointing sales performance and further pressure on gross margin. The brand is still well liked, but it will take time for things to improve. “The current management uncertainty and weak operating performance leaves the business at risk of takeover,” especially given Kelvin’s ~35% stake.

Rates hold.

RBC, Piral Dadhania

The downgrade cycle isn’t over as Ted Baker issues another profit warning. Physical like-for-like stores probably declined by low double-digits for the 17-week period to Dec. 7. Potential bid speculation, given the recent departure of the founder, could be a supporting factor for the shares.

Rates sector perform.

Panmure, Andy Blain

Trading had improved over November and Black Friday, but it was still below expectations. A take-private transaction might still happen, but that will depend on Kelvin, because “there’s a lot to do to steady the ship.”

Hold rating and forecasts withdrawn.

CMC Markets, Michael Hewson

The departures of Bernstein and Page leave the business “rudderless at a time when the business badly needs a steady hand to guide it through what is set to be an extremely difficult period,” putting even more pressure on new Chief Financial Officer Rachel Osborne, who is now also acting interim CEO. Kelvin might be tempted to make a bid for Ted Baker with the help of private equity.

Liberum, Adam Tomlinson

The management departures and hiring of independent consultants to conduct a review signal that swift action is being taken. “If the right decisions are made then it could come out of this a much better business.”

Ted Baker is a corporate client of Liberum.

Rating still under review.