A £100MILLION plan to rescue shoe brand Clarks has taken a step froward – with 90 per cent of creditors agreeing to the company voluntary arrangement (CVA).

The approval of the CVA is a requirement of LionRock Capital’s investment in the 195-year-old company.

READ MORE: Clarks shoes rescued by LionRock Capital

But the investment is still subject to shareholder approval in December and the successful completion of a 28-day challenge period on the CVA.

Earlier this month, Clarks said that the CVA would allow it to continue paying staff, and that no jobs would be lost.

All 320 stores will remain open, but rent will be slashed to zero on 60 of them.

The rest of the shops will pay rent that is calculated by the amount of cash that the shop takes in.

Philip de Klerk, interim chief financial officer at Clarks, said: “I am very pleased that the CVA was approved today. This is a significant step towards the formation of our new partnership with LionRock Capital.”

Dozens of companies have struggled to stay open during the pandemic. Earlier this week, Peacocks and Jaeger entered administration.

READ MORE: Peacocks and Jaeger fall into administration

Other firms such as Pizza Express, Revolution Bars and Pizza Hut have all turned to CVAs to help them get out of trouble.