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Jigsaw in monthly rent negotiations

Jigsaw is reported to have written to its landlords to ask them to ease their rental terms.

According to The Times newspaper, Jigsaw finance director and deputy chief executive Charles Atterton, sent a letter to Jigsaw’s landlords last month asking them to allow it to make monthly rental payments.

The newspaper said that some landlords had yet to agree to Jigsaw’s demands.

Atterton told The Times: “We are reasonably pleased with the response, but it’s an ongoing process exercise.”

Atterton denied that the chain required a cash injection and said that Jigsaw was debt-free and that Christmas sales had been up 17%. However Jigsaw broke ranks and was one of the first retailers to go on Sale pre-Christmas. Historically Jigsaw was always one of the last fashion retailers to launch its post-Christmas Sale, often waiting until early- to mid-January to start discounting.

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