French Connection boss attacks landlords
Stephen Marks, the chairman and founder of French Connection, has attacked the obstinacy of landlords and punitive retail rents after the fashion chain posted a painful annual loss of more than £10m.
French Connection had tried to offload 15 under-performing stores in the UK but has only managed to exit three so far.
Mr Marks, who is also its chief executive, said: "The difficulty is that the one thing we have maintained is the cash and when landlords look at our balance sheet they see a strong company. They say, 'these guys are going to pay their money so why should we help them'?"
Despite its weak performance, French Connection ended last year with a cash pile of £28.5m and no debt.
Asked about how the Chancellor could help retailers in next week's Budget, Mr Marks said: "[He should] have a look at the upward-only rental situation – which is absurd."
Geoffrey Macnab does not like the comedian's big screen debut
Look beyond the usual shows for the best festive telly
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
Sun will 'flip upside down' within weeks, says Nasa
PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Bonuses for goals and top four finish as Luiz Suarez joins Premier League's top three earners
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 #Teamnigella: It’s the only side to be on
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£Negotiable: Citifocus: High calibre individual with institutional client serv...
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...
£600 - £700 per day: Harrington Starr: Client based in West London is looking ...