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Clarks announces new restructuring plan

British footwear company Clarks has announced a new restructuring plan for next year. According to this plan, the company plans to lay off 170 of its employees in the New Year. It currently has a labor force of 13,000 employees.

Clarks is led by Giorgio Presca, former Levi’s, Diesel and Geox executive who replaced Mike Shearwood, after his departure last March. In November of this year, the company appointed Philip de Klerk, former chief executive officer of Low & Bonar, as the new chief financial officer to face its restructuring.

These cuts come after the company reached losses of 82.9 million pounds at the end of 2018. Its group sales, on the other hand, fell by 4.6 per cent, to 1.5 billion pounds compared to 1.5 billion pounds, year-on-year.

The company, founded in 1825 by brothers James and Cyrus Clarks, has 750 stores worldwide. Currently, the Clark family continues to be the majority shareholder of the company with 84 percent of the shares.

 
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