Clarks' shareholders have approved a partnership with Asian private equity firm LionRock Capital, which will now acquire a majority stake in the business for £100m.
The rescue deal is expected to be completed in the new year with the Clark family remaining invested in the business.
Clarks was founded in 1825 by brothers Cyrus and James Clark in Street, Somerset.
But like many High Street brands, it has struggled with falling footfall this year as shoppers .
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The partnership was proposed on 4 November, conditional on shareholder approval and a Company Voluntary Arrangement (CVA) for Clarks’ 海角视频 and Republic of Ireland store portfolio, which was approved by creditors last month.
The CVA will mean that none of Clarks' remaining 320 stores will have to close, and no jobs will be lost. 60 stores will pay no rent at all, while rent will be turnover-based at the remaining 260.
In May, the 195-year-old British shoe brand cut 900 jobs as part of a new strategy to revitalise the business through the pandemic.
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The 'Made To Last' plan will see the company make around 700 more employees redundant - with the 900 total being partially balanced by the creation of 200 new jobs.
The new investment is aimed at backing this plan for long-term sustainable growth.
Clarks chief executive Giorgio Presca said last month: "Our new strategy, in conjunction with our new partnership with LionRock Capital will create a strong and sustainable future for this unique and iconic brand.
“The challenges to our business brought on by Covid-19 have meant that we need more resources and investment in order to fully deliver this strategy and safeguard the future of our business."
Interim chief financial officer Philip de Klerk added: “Like many businesses in our sector, the impact of the Covid-19 pandemic and the current economic uncertainty has created a tough retail environment.
"The investment from LionRock Capital and the restructuring of our retail footprint, combined with the on-going support from our existing lenders and our focus on cash management and cost control, will provide funding for the company’s seasonal working capital needs and its transformation strategy."
Daniel Tseung, managing director of Hong Kong-based LionRock Capital, stated: "Our investment will not only strengthen Clarks’ position as one of the world's most recognised brands, but also allow growth into key emerging markets."
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Gavin Maher, partner at Deloitte, which organised the CVA, concluded: “The Clarks 海角视频 business has been faced with weaker consumer confidence and reduced footfall. In the midst of Clarks undertaking its transformation plan, Covid-19 exacerbated these challenges, with working capital and turnover significantly impacted, placing acute liquidity pressure on the group."
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