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The UK headquartered footwear manufacturer and retailer is reported to be considering the permanent closure of some of its stores and has called in bankers to advise on strategies.
Family-owned Clarks is said to have appointed the Rothschild bank to advise on its financing options. The company is allegedly considering not reopening some of its 347 UK stores once the coronavirus situation improves. Clarks has furloughed thousands of employees under the UK government's Coronavirus Job Retention Scheme, through which the government is to cover 80% of pay for people unable to work, and said to be assessing options for the remainder of its workforce. Allegedly, the store closures were already part of the company’s “business as usual” strategy, but the coronavirus crisis could accelerate the process.
Earlier this year, and prior to the coronavirus pandemic, Clarks Future Footwear, a 50:50 joint venture between India’s Future Group and UK based C&J Clark International, was reported to be planning to expand its presence from the current 50 exclusive brand outlets in India to 150 by 2022, and to increase sales points from the current 600 to around 1,500 within the same time frame. Read more here.
Source: Sky News/Drapers