The boss of fashion retailer French Connection is refusing to enter discussions about the company‘s poor performance.
Stephen Marks, who now holds a dual role as chief executive and chairman, is reportedly avoiding talks with US hedge fund Gatemore over the decline of the company‘s profits.
Following a loss of £3.5 million last year, shareholders are pushing to discuss a turn-around plan with the company’s boss.
Marks insisted the business was moving in the right direction after March’s full year results.
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The managing partner of Gatemore Liad Meiar seeks to discuss concerns over the company‘s continued losses, Marks‘ dual role, and the roles of non-executive directors Dean Murray and Claire Kent, according to The Guardian.
Meiar told The Guardian: “He [Marks] is not really willing to have an open conversation about why French Connection is underperforming,
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“You have a 41% shareholder who is running this business at his leisure, not for for the benefit of all shareholders.”
Tomorrow French Connection will release its interim results, and has confirmed reports that Marks will not be meeting any shareholders.
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