Clarks calls in McKinsey & Co to conduct business review

Clarks calls in McKinsey & Co to conduct business review

British footwear retailer Clarks has called in consultants from McKinsey
& Co to conduct a review of the business and assess its options amid
difficult trading.

Finance director Paul Kenyon is also leaving the family-owned shoe chain
to join private Independent Vetcare chain, which is chaired by former WH
Smith boss Kate Swann, The Sunday Times reports. Former Low & Bonar CEO
Philip de Klerk will reportedly be replacing Kenyon as interim finance

The news comes after the retailer, which has 553 shops across the UK and
Ireland and almost 12,000 employees, reported an 82.9 million post-tax loss
for last year. Part of that came in the form of a 50 million pound hit on
the value of its UK and US properties.

In February, Giorgio Presca was appointed as new CEO to guide the
almost-100-year-old company through its restructuring.

In March, the retailer announced plans to close its last UK factory in
Street, Somerset, after it failed to meet targets.

Photo credit: Clarks Shoes, Facebook


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