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."
- 1 Kylie Jenner challenge: Bizarre lip suction device inspired by Kardashian sister goes viral
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 3 Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
- 4 Bruce Forsyth backs assisted dying campaign: 'If I had Alzheimer's or dementia I would do something about it'
- 5 Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...