The best of the fashion business related headlines from the weekend newspapers…
The Sunday Times said that JJB Sports chairman David Jones and the group’s strategic development director Peter Williams are being paid £3,000 per day in fees as they battle to steer the retailer through its difficulties relating to poor trading, huge debts and a recent share scandal involding former chief executive Chris Ronnie. It has also emerged that David Jones’ son, Stuart Jones, has been appointed group marketing manager.
JJB Sports defended the pay deals, saying they were short-term and took into account that Jones and Williams would not receive a bonus or longer term incentive plan.
The Sunday Times also said that retailers were forcing down rents as the recession left around 90,000 shops empty on the high street. It said that by April, the figure would be 108,000. Retail landlords are being forced to slash rents to keep tenants or attract new ones, especially in smaller shopping centres and high streets, according to the newspaper.