Stephen Marks, chairman of fashion retailer, French Connection, has asked the City for six months to turn around the troubled store.
The news follows yesterday’s announcement by the retailer that annual pretax profits for the year to the end of January were down 15%, causing share prices to fall 3.7%.
It has also emerged that Icelandic retail group Baugur bought a 1.5% stake in French Connection on Monday.
However, Marks, who owns 42% of the company, stressed he planned to keep the retailer in the public sector. Any bid for the company would have to gain his support.
Marks has also said there are no plans to drop the controversial FCUK slogan.
References: EGi News 09/03/05
