×
71 512
Fashion Jobs
MACY'S
Asset Protection Officer, Tulsa - Part Time (2840)
Permanent · Owasso
MACY'S
Asset Protection Detective, Fairlane Town Center - Full Time
Permanent · Dearborn
MACY'S
Asset Protection Detective, Maplewood - Full Time
Permanent · Maplewood
MACY'S
Beauty Account Coordinator
Permanent · New York
MACY'S
Asset Protection Detective, Lakeside - Standard Part Time
Permanent · Metairie
MACY'S
Asset Protection Detective, Westland - Full Time
Permanent · Hialeah
ATHLETA
General Manager - Atlantic Station
Permanent · Atlanta
ATHLETA
Assistant General Manager ne - Summit (The)
Permanent · Birmingham
SHISEIDO
Digital Marketing Manager
Permanent · Miami
ABERCROMBIE AND FITCH CO.
Asset Protection Investigator
Permanent · Columbus
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Southport
Permanent · Chicago
GILLY HICKS STORES
Gilly Hicks - Manager in Training, Easton Town Center
Permanent · Columbus
COTY
Coordinator, Sales Operations
Permanent · New York
FOOT LOCKER
Atmos Usa Manager in Training(Mit)
Permanent · Arlington
UNIQLO
Loss Prevention Supervisor - Great Mall, Milpitas ca
Permanent · Milpitas
OLD NAVY
Regional HR Manager - Southern California
Permanent · Los Angeles
OLD NAVY
Assistant Manager, Customer Operations - Poyner Place
Permanent · Raleigh
OLD NAVY
Assistant Manager, Customer Operations - Dierbergs-Edwards
Permanent · Edwardsville
OLD NAVY
General Manager -Riverdale Village
Permanent · Coon Rapids
OLD NAVY
Asset Protection Service Representative - Hudson
Permanent · Jersey City
OLD NAVY
Asset Protection Service Representative
Permanent · Fresno
OLD NAVY
Assistant General Manager, Merchandising - Plaza at Citrus Park
Permanent · Tampa
Published
Jan 23, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

French Connection investors call for boardroom shake-up

Published
Jan 23, 2017

French Connection shareholder Gatemore Capital said it fears the struggling retailer could run out of cash this year and is in need of a shake-up at boardroom level or should be sold, according to reports.


French Connection has struggled to return to growth - DR



Gatemore has been calling for change at the business since last year and has written to founder, CEO and chairman Stephen Marks to say it is concerned “about the company’s utter lack of progress in improving its operating performance,” The Sunday Times reported.

The retailer has been struggling to return to growth for several years and most recently reported a pre-tax loss of almost £8m in the half-year to July 31 on sales down to £69.2m from £75.8m. However, it also said its comparable sales and margins rose in the period.

Gatemore is one of three investors who between them own 15% of the firm and are calling for change in its corporate governance. While corporate guidelines recommend splitting the CEO and chairman’s role, Marks is unwilling to do this.

The investors also want two independent directors to step down, saying their presence on the board for nine years means they cannot be seen as independent and that their tenure has included an unprecedented period of decline at the company.

At an operational level, the investors have been calling for French Connection to drop its Fcuk brand, to close more stores and target younger shoppers. And they have also called for the firm to examine a potential sale to “the highest possible bidder”.

However, they would struggle to force Marks to act given that the man who founded the firm 45 years ago holds a 42% stake. French Connection has not commented on the report.

Copyright © 2022 FashionNetwork.com All rights reserved.