Shoe retailer Clarks said it is positioning its business for 'future long term growth' amid speculation that up to 50 stores could close.
Sky News has reported that Clarks, one of Britain's oldest shoe retailers, is considering the closures as part of a company voluntary arrangement that would help it secure a rescue deal led by LionRock Capital.
Sky has reported that the Somerset-based shoe retailer would close 50 shops as part of the deal, with hundreds of job losses.
LionRock Capital is a Hong Kong-based private equity firm.
A Clarks spokesman refused to comment on the speculation, adding:
“We recently announced Clarks’ long-term ‘Made to Last’ strategy that is designed to ensure that our business has a sustainable and successful future, keeping it in step with changes in how consumers around the world choose and buy their shoes.
As part of this strategy, the Clarks Board of Directors is currently reviewing options to best position our business, our people and the Clarks brand for future long-term growth.”
In May, Clarks announced it was planning to cut hundreds of office jobs as part of a major shake-up.
The 195-year-old high street retailer announced 160 redundancies globally, including 108 job losses at its headquarters in Street, Somerset.
The retailer said it expected roughly 700 employees to leave the business over the next 18 months, after creating 200 new roles.
Clarks, which trades from around 345 stores in the UK, said the move was intended to help the company operate in a "lean, effective and quick manner".
