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Clarks to permanently shut stores as it weighs survival options

Footwear retailer Clarks has elected to close some of its UK stores permanently once the current government lockdown on businesses in response to the coronavirus pandemic is lifted.

The decision is an effort to survive the hit to its business as the virus keeps consumers at home and has curbed consumer spending. It will affect what the company described as “a small number” of the chain’s 347 outlets in the territory, with the performance and location of each of these outlets now under close scrutiny.

Clarks has also reportedly drafted in investment bank Rothschild to assist it in its financing options and flesh out a turnaround plan for after the pandemic passes.

Many of the firm’s sales staff are now furloughed at home with their employment secured by the government’s recently introduced job retention scheme.

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