Future of Aylesbury Clarks store could be in doubt after closure announcement

The retailer has been hit hard, like many high street shops by the Coronavirus pandemic.

Sky News reported earlier today that a rescue deal for Clarks led by LionRock Capital, a Hong Kong-based private equity firm, is contingent upon the approval by creditors of a company voluntary arrangement (CVA).

The CVA is said to involve as many as 50 shop closures and a switch to a turnover rent model for which the fashion retailer New Look recently won narrow approval.

If a deal is completed, it would see the chain's founding family shareholder relinquish majority control for the first time in its 195-year history.

It remains largely owned by descendants of Cyrus and James Clark, who founded the business in Somerset nearly 200 years ago.

Earlier this year, Giorgio Presca, who is the Chief Executive outlined a 'Made to Last' strategy that would see Clarks' enter their third century of trading.

However the plan involved the loss of 900 jobs.

Clarks has 345 stores in the United Kingdom.

In the last year for which figures are available, Clarks reported a post-tax loss of more than £80m.