Clarks seeking rent reductions of up to 30%

Shoe retailer Clarks has revealed it seeking rent reductions of up to 30% following a period of “poor trading”, according to a report by The Sunday Times.

The report said the retailer asked landlords to extend leases on certain stores in return for reduced rent costs. A source also told The Sunday Times that many of the retailer’s stores were too “profitable” for it to be a CVA candidate.