{"id":142476,"date":"2023-10-05T08:09:32","date_gmt":"2023-10-05T08:09:32","guid":{"rendered":"https:\/\/theprojectsworld.com\/?p=142476"},"modified":"2023-10-05T08:09:32","modified_gmt":"2023-10-05T08:09:32","slug":"another-one-bites-the-dust-as-iconic-shoe-shop-to-abruptly-shut-store-is-your-local-vanishing-from-the-high-street-the-sun","status":"publish","type":"post","link":"https:\/\/theprojectsworld.com\/lifestyle\/another-one-bites-the-dust-as-iconic-shoe-shop-to-abruptly-shut-store-is-your-local-vanishing-from-the-high-street-the-sun\/","title":{"rendered":"'Another one bites the dust' as iconic shoe shop to abruptly shut store – is your local vanishing from the high street? | The Sun"},"content":{"rendered":"

AN iconic shoe shop with 300 stores has announced that it will close another shop before the end of the year.<\/p>\n

Clarks has confirmed it'll shut its store located in Newport Retail Park in Spytty for good.<\/p>\n

<\/p>\n

A spokesperson for Clarks told the South Wales Argus: "Clarks confirms its store at the Newport Retail Park, Newport, will close in late 2023.<\/p>\n

"We have a strong duty of care to all our employees, and we are working closely with the store team as they now go through a period of consultation.<\/p>\n

"Customers can continue to shop from our full range of products online and at our nearby Clarks stores in Cwmbran, Caerphilly, and Cardiff."<\/p>\n

We've asked Clarks for the exact date of the planned closure.<\/p>\n

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Reacting to the news on social media, one shopper posted on Facebook and said: "Oh no this is such a shame!"<\/p>\n

Another shopper said: "Another one bites the dust."<\/p>\n

"The exodus continues," said a third shopper.<\/p>\n

It comes after Clarks announced that it'll\u00a0pull down the shutters in High Street Inverness\u00a0in September.<\/p>\n

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It'll also shut in\u00a0Westwood Cross Shopping Centre\u00a0in Kent in mid-November.<\/p>\n

Several Clarks stores closed earlier this year too, with its branch in\u00a0Fareham Shopping Centre\u00a0shutting on August 5 and the\u00a0Dundee\u00a0store closing on July 25.<\/p>\n

Before this, it closed the doors on two stores in\u00a0Kent\u00a0in Ashford and Gillingham at the end of 2022.<\/p>\n

The popular footwear chain was founded in 1825 and operated across over 1,400 stores and franchises internationally at its peak.<\/p>\n

But as of July 2023, the brand had just 320 stores.<\/p>\n

Clarks brought in management consultants McKinsey & Co to help with restructuring plans after posting a \u00a382.9million post-tax loss in 2019.<\/p>\n

It was then rescued from the brink of collapse with a \u00a3100million investment deal by private equity firm LionRock Capital.<\/p>\n

A \u00a0Company Voluntary Arrangement\u00a0(CVA) was agreed which saw the Clarks family lose overall control of the company.<\/p>\n

A CVA allows firms that have run out of cash to look at ways to save the business, such as reducing\u00a0rent\u00a0rates with landlords.<\/p>\n

Companies often agree to a CVA to avoid insolvency, which can lead to closures or the whole business going bust.<\/p>\n

More than 50 stores were set to close following this announcement in November 2020 – but dozens more have shut since then.<\/p>\n

All is not lost for shoppers though, as the retailer has also relocated and opened new shops in recent months.<\/p>\n

The brand opened a new store on East Street in Taunton in April following the closure of its original high street store.<\/p>\n

Clarks also opened up a new store in\u00a0Newcastle's\u00a0Eldon Square shopping centre on May 14.<\/p>\n

Meanwhile, fellow footwear retailer\u00a0Shoezone is pulling down the shutters on another store\u00a0in its latest round of closures.<\/p>\n

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Retailers and shoppers alike are also hit hard by stubbornly high energy costs and\u00a0inflation.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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