For sale, partially. At least for now, Clarks is looking for liquidity while it implements a restructuring plan. The Clarks’ family, which owns 84% of the brand’s capital has allegedly decided to sell part of its shares. OpCapita and Sycamore Partners are those in the run so far. Meanwhile, Clarks has decided to restructure into three business units: Clarks, Clarks Originals, Collection by Clarks / Cloudsteppers by Clarks.
For sale, partially
There are allegedly “at least 3 entities” interested in partial ownership of the brand which is currently 84% owned by the founding family. Employees and other institutions have the remaining 16%. According to Sky News, the agreement could bring between 100 and 150 million UK pounds to Clarks. Only two of the 3 interested parties are known to the public: British PE fund OpCapita and US-based Sycamore Partners. The latter gained notoriety for cancelling the Victoria’s Secret purchase and attempting to buy JC Penney.
Made to Last
Clarks is continuing in the implementation of its “Made to Last” strategy, decided upon in 2019 by Giorgio Presca, the brand’s CEO, which also includes 860 layoffs. The Somerset-based company (UK), has always stated it is contrary to a voluntary company agreement, or an insolvency mechanism that, if approved by creditors, would simplify the restructuring process.
- Clarks announces 860 layoffs to “capitalize on opportunities”
- It could be worse, nay: Clarks announces 170 redundancies