High street shoe retailer Clarks is planning to launch a CVA, reports Retail Gazette.

With stores in Gloucester, Cheltenham, Stroud and Cirencester, the firm employs thousands of people across the UK.

Sky News reported earlier this week that the business was resorting to the insolvency measure because the proposed £100million rescue deal from private equity firm LionRock Capital is subject to creditors approving CVA.

Clarks could potentially close up to 50 stores and cut hundreds of jobs as part of the CVA plans, with remaining sites switching to a turnover rent model.

If the deal is completed, it would see the founders of the business loose majority control for the first time in its 195-year history.

A spokesperson for Clarks recently told Sky News: "We recently announced Clarks' long-term 'Made to Last' strategy that is designed to ensure that our business has a sustainable and successful future, keeping it in step with changes in how consumers around the world choose and buy their shoes," a spokesman for the company said recently.

"As part of this strategy the Clarks board of directors is currently reviewing options to best position our business, our people and the Clarks brand for future long-term growth."