Next to go? Clarks announces ‘rapid’ exit from worst performing stores
PUBLISHED: 13:56 27 November 2019 | UPDATED: 14:30 27 November 2019
Shoe retailer Clarks is the latest brand to announce it will be pulling out of high streets sites, after the group called in advisors to review its property portfolio.
Clarks said in its full-year results that it is "preparing to take rapid actions to exit the worst-performing sites in as short a timescale as possible".
It is not yet clear how many sites may be impacted and as a result, how many jobs.
MORE: More Norfolk banks under threat as TSB announces 82 closures Clarks does have a number of stores in Norfolk. It has two in Norwich, one in Brigg Street and one at the Riverside Retail Park, as well as stores in King's Lynn, Great Yarmouth, and just over the border in Lowestoft.
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The news comes as Clarks posted results of a turnover of £1.46bn, down from £1.53bn the year before.
Its books were also hit by a devaluation of its properties - down £50m across the UK and US.
As a result Clarks has reportedly hired McKinsey & Co to undertake a "fundamental and comprehensive review of its property portfolio".
Many companies have pursued cost cutting initiatives through company voluntary arrangements (CVAs) which have been used by the likes of Jamie Oliver's restaurants and Carpetright in recent years.
Major UK chains have closed almost 6,000 stores so far this year, according to a study by the Centre for Retail Research.
In total 708 stores were closed due to administration, and 4793 were shut down as part of cost-cutting programmes.