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Clarks, which has store in King's Lynn, prepares to "exit the worst-preforming sites"




Uncertainty surrounds the future of stores run by shoe retailer Clarks, which has a shop in Lynn's High Street.

The company has decided to call in consultants to review the business amid concerns over closures and possible job losses.

This month it reported a loss of £82.9 million and is said to have hired McKinsey and Co as it looks at restructuring plans.

Clarks shop in Lynn High Street (22773740)
Clarks shop in Lynn High Street (22773740)

The business has 553 shops across the UK and Ireland, and employs around 12,000 people.

The shoe chain has said that it had taken a £50m hit on its property in both the UK and the US leading to a "fundamental and comprehensive review of its property portfolio".

In its full year results, Clarks said it "is preparing to take rapid action to exit the worst-performing sites in as short a timescale as possible".

The company has cited an inability to keep up with the shift to online shopping, challenging trading conditions, the complexity of its operating model and increasing overheads as reasons that have contributed to its decline.

Turnover in the year ended February 2 was £1.46bn, down from £1.53bn in the previous year.

It is not yet known how many sites could be affected and therefore jobs.




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