As part of the deal, Clarks - which has 320 shops across the UK - will enter a form of administration known as a company voluntary agreement (CVA). The company said the agreement meant no shops would be permanently shut and no jobs would be lost.

Is Clarks going out of business?

On Sept. 14, the Boston Globe reported that Clarks could be closing up to a quarter of the brand's U.S. retail stores by the end of 2021, knocking the number of stateside locations down from 214 to "somewhere in the mid-100s," according to Clarks Americas president Gary Champion.

What is happening to Clarks?

Struggling footwear retailer, Clarks has been rescued by a £100m investment deal from LionRock Capital. The Hong Kong private equity firm agreed a conditional CVA, involving slashed rents to nothing at 60 of its 320 stores and moves to a turnover based model for others.