Footwear brand Clarks is demanding rent reductions of up to 30% from landlords, as it seeks to overcome a spell of poor trading.
The family-owned footwear brand becomes the latest in a long line of fashion retailers to have lobbied landlords for better rental terms amidst tough high street trading conditions – including Primark and Ann Summers, as was revealed by Retail Week.
Clarks has offered to extend leases on some stores in return for rent cuts of up to 30%, according to the Sunday Times.
The retailer has struggled for relevance, seeing its pre-tax profits for the 52 weeks to February 3, 2018 fall to just £19.7m and its sales dip to £1.53bn.
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