Landlords approve rescue deal for Clarks shoe shops

It clears a major hurdle for the rescue of Clarks, spearheaded by private equity money from Hong Kong-based LionRock Capital.

Clarks will stop paying rent on 60 of its stores. Picture: Nick Ansell/PA

Landlords of shoe brand Clarks have approved a plan which will allow the struggling chain to pay no rent on many of its stores, as part of a rescue of the 195-year-old company.

The business said that 90% of its creditors, which include landlords, have voted for its proposed company voluntary arrangement (CVA).