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JD Sports seeks rent reductions for Bank stores

JD Sports is asking its landlords to reduce rents on some of its Bank stores to cut costs at the fashion chain.

Executive chairman Peter Cowgill told Reuters the retailer had approached landlords to ask to switch to turnover-based rents on around 25 of its 88 Bank stores.

“We will do anything we can to improve the performance of the business,” Cowgill told Reuters, adding that some landlords could take stores back early in return for help on a rent deal.

He said JD Sports’ core sportswear business, which has 348 UK stores, is performing well but the fashion arm, which includes chains such as Scotts and Bank, have failed to keep up.

The division posted rising operating losses of £8.2m for the six months to August 2, with Bank posing a particular problem.

Cowgill said the Bank business had traded “reasonably well” through a difficult start to the autumn season, when warmer weather hit clothing sales at many high street retailers.

Readers' comments (2)

  • Incredible that Bank can't make their own labels perform considering how much power the group has, the menswear is the biggest joke on the high street. I thought Manchester was full of talent?

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  • Why should Landlords reduce rents because Cowgill can't do his job properly?

    Bank isn't an aspirational store and will never make any money.

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