French Connection has blamed tough conditions on the high street and the demise of House of Fraser as it reported a big increase in half-year losses and plans to shut a further eight stores.
The struggling fashion chain said like-for-like sales in the UK and mainland Europe had fallen 7% in the six months to the end of July. It lost just over £15m in the period, compared with £5.9m a year earlier.
The loss reflected nearly £10m of provisions for bad debts partly related to the collapse of House of Fraser, where French Connection has concessions. The retailer also made a one-off provision for “onerous leases” at a number of loss-making stores that it wants to shut but is unable to at the moment.
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