Clarks calls in management advisers

United Kingdom
Published:  26 November, 2019

The troubled British footwear manufacturer and retailer is reported to have called in a team of specialist management consultants to review the business.

Clarks is said to have appointed McKinsey to help set up a restructuring plan, while Paul Kenyon, Financial Director of the footwear brand, is to leave the company for other professional opportunities. Clarks appointed Giorgio Presca as its CEO in February this year, and has since closed its manufacturing site located in Street, a town in the English county of Somerset, as it failed to reach targets.

Sales for the British footwear manufacturer and retailer declined 4.6% to £1.47 billion (US$1.89 billion) for the 52 weeks ending February 2, 2019, with losses more than doubling from £31.3 million (US$40.26 million) to £82.9 million (US$106.65 million). Read more here.

Clarks has 553 shops in the UK and Ireland and employs about 12,000 people.

Source: The Times