Clarks appoints advisers from McKinsey
Clarks has appointed advisers from McKinsey & Co as its seeks to restructure its business.
The British footwear group recruited the management consultants as it was revealed that it had recorded a post-tax loss of £82.9m last year, in part as a result of a £50m hit on the value of its retail estate in the US and UK, the Sunday Times reports.
Sales fell by 6% to £1.5bn last year and the business, which is still majority owned by the Clark family, sold 20m pairs of shoes, 2m fewer than the year before.
It as also hired Philip de Klerk, the former chief executive of materials maker Low & Bonar, as interim financial director replacing Paul Kenyon is leaving to join private equity-backed Independent Vetcare chain.
Last month Clarks won a court case brought by former CEO Mike Shearwood who claimed unfair dismissal over allegations of inappropriate behaviour towards staff. Shearwood argued that he had been sacked as he had raised concerns about the financial performance of the business but a court in Bristol dismissed Shearwood's claims.