British shoe company Clarks expects to permanently shut some of its shops because the footwear chain has failed to execute a turnaround plan and has thus agreed not to reopen a limited portion of its 347 UK store estate after the government-mandated lockout ends. Clarks had hired Rothschild investment bank to handle the company funding options and to access new credit facilities. Under the government’s Coronavirus Job Retention Programme, the retailer has furloughed thousands of its shop employees, and is currently reviewing alternatives for the majority of its labor force.
Clarks had been consulting on a new corporate blueprint with strategy consultancy McKinsey. Yet the manufacturer of footwear now prioritizes how best to survive during the pandemic. It checks all the stores to make sure they are the right size and are situated in the right places. As part of this study, the company agreed not to extend the leases on a few stores. British shoe company Clarks expects to permanently shut some of its shops because the footwear chain has failed to execute a turnaround plan and has thus agreed not to reopen a limited portion of its 347 UK store estate after the government-mandated lockout ends.
Clarks had hired Rothschild investment bank to handle the company funding options and to access new credit facilities. Under the government’s Coronavirus Job Retention Programme, the retailer has furloughed thousands of its shop employees, and is currently reviewing alternatives for the majority of its labor force. Clarks had been consulting on a new corporate blueprint with strategy consultancy McKinsey. Yet the manufacturer of footwear now prioritizes how best to survive during the pandemic. It checks all the stores to make sure they are the right size and are situated in the right places. As part of this study, the company agreed not to extend the leases on a few stores.
