Fashion

Clarks seeks rent reductions


Clarks seeks rent reductions

Clarks has reportedly asked landlords for rent reductions of up to 30
percent across its store portfolio.

The British retailer has offered to extend leases on some stores in
return for its proposed rent cuts, The Sunday Times reported. A source told
the newspaper that too many of Clarks’ stores were profitable for it to be
a CVA candidate.

According to the company’s most recent full-year report for the 12
months to 3 February, 2018, operating profit dropped 29 percent to 29.3
million pounds while pre-tax profits were at 19.7 million pounds. Full-year
sales came in at 1.54 billion pounds.

River Island, Jack Wills and Schuh have asked for similar rent cuts in
recent months as retailers continue to struggle with difficult UK trading
conditions.

Photo credit: Clarks Shoes, Facebook



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.