The company, which owns a portfolio of 347 stores across the UK, is considering not to renew the leases of some of their stores as they expire in May.

Store locations impacted by this decision are not known and Clarks says the decision is not related to the Covid-19 pandemic, but is part of a “business as usual” store review.

Meanwhile, the retailer has appointed investment bank Rothschild to help explore financing options for the business, including accessing new borrowing facilities. Clarks reported a loss after tax of 82.9 million British pounds for the 52 weeks ended on the 2nd of February 2019.

A Clarks spokeswoman told magazine Drapers: “Clarks continually reviews all its stores to ensure that they are the right size and located in the right areas in order to provide the best possible service and offering to its customers. As part of this normal review, we have decided not to renew the leases on a small number of stores and as such, these will cease to trade and will not reopen following the coronavirus closures".