Dozens of stores are to be closed by Clarks as part a rescue deal worth more than £100m.
It is understood that a cash injection by Hong Kong-based private equity firm LionRock Capital will only take place if a CVA is approved.
The British shoemaker and retailer previously had denied that a CVA was under consideration.
The deal could involve as many as 50 of Clarks’ 345 stores closing. Deloitte is believed to be advising.
