×
23 779
Fashion Jobs
TIFFANY & CO
IT Functional Manager - Manufacturing
Permanent · Parsippany-Troy Hills
VICTORIA'S SECRET
Associate Art Director
Permanent · New York
BATH & BODY WORKS
Stores Finance - Financial Analyst
Permanent · Reynoldsburg
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetic Company Store - 20 Hours - Tanger Outlets - Des Moines, ia
Permanent · Des Moines
ARAMIS AND DESIGNER FRAGRANCES
Retail Fragrance Selling Specialist - The Estee Lauder Companies - 35 Hrs - Woodbridge Center - Woodbridge, nj
Permanent · Woodbridge Township
VICTORIA'S SECRET
Brand Operations Manager-Concord
Permanent · Wilmington
VICTORIA'S SECRET
District Manager - Victoria’s Secret - Northern New England
Permanent · Manchester
ALICE AND OLIVIA
Sales Supervisor - Palm Beach
Permanent · Palm Beach
ESTÉE LAUDER
Training Manager - Estee Lauder - 40 Hours - Herald Square- Macy's - New York, ny
Permanent · New York
ESTÉE LAUDER COMPANIES
Senior Producer/Project Manager - Elc Online
Permanent · New York
BATH & BODY WORKS
District Manager - Bath & Body Works - Raleigh
Permanent · Raleigh
L'OREAL GROUP
l'Oreal Usa, Manager of Performance Marketing & Consumer Acquisition
Permanent · York
L'OREAL GROUP
Senior Manager, Marketing- Cerave us
Permanent · New York
L'OREAL GROUP
Manager, Global Marketing (Cerave)
Permanent · New York
L'OREAL GROUP
sr Analyst- Acd Dmi Finance
Permanent · New York
L'OREAL GROUP
Director - Corporate PR
Permanent · New York
L'OREAL GROUP
Manager - Customer Marketing (Target)
Permanent · New York
HUGO BOSS
Junior Account Executive
Permanent · New York
NEIMAN MARCUS
la Mer Business Manager - Sales Salary Plus
Permanent · Millburn
NEIMAN MARCUS
Loss Prevention Associate
Permanent · Troy
NEIMAN MARCUS
Tom Ford Business Manager - Sales Salary Plus
Permanent · Paramus
NEIMAN MARCUS
sr Manager Retail Performance & Store Operations
Permanent · Garden City

Clarks calls in more advisors as pressure mounts

Published
May 7, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

UK footwear giant Clarks has called in an army of advisors as plans are worked on to restructure the firm and fears mount that more stores than expected could close.


Image: Sandra Halliday



Management at the nearly-200-year-old firm is being directly advised by Deloitte, while KPMG is advising the shareholders from the founding family and PWC is acting on behalf of its syndicate of lenders. Last year, Clarks had also appointed McKinsey to review its strategy.

The information was first reported by Sky News.

The appointments come after losses widened and sales fell sharply in its latest year with business apparently having failed to pick up since then. In fact, the current lockdown, with all physical shoe shops being closed, has heaped more problems onto the firm’s existing pile of woes.

The company had earlier reported that it was under “significant stress” and would make a “meaningful” number of store closures in the next few years.

This week, a spokeswoman said the firm “continues to face the fast-changing challenges of operating in today’s environment of rising economic and political uncertainty. Our leadership team is currently reviewing all options to protect our business, our people and the Clarks brand for future long-term growth. It is our policy not to comment on specific commercial appointments.”

The three advisory companies also declined to comment on the situation. 

Clarks currently has 345 UK stores and over a thousand across its markets that include Europe and the US. In its latest year, its losses almost tripled to just under £83 million as sales fell 6% and store visits dropped by 6.2%.

The company, which is controlled by the descendants of the Clark brothers who founded the firm in 1825, has previously denied it was mulling a company voluntary arrangement. But it has been working hard to close under-performing stores as quickly as possible and has seen costs in the tens of millions of pounds linked to store write-downs.

Copyright © 2020 FashionNetwork.com All rights reserved.