The Hong Kong-based private equity firm LionRock Capital wants Clarks to reach a Company Voluntary Arrangement (CVA) with its creditors before investing into the British footwear group, according to Sky News.

A CVA would enable Clarks to close up to 50 stores and renegotiate rents for the rest of the fleet, switching to a turnover-based model. Following the restructuring, LionRock would inject £100 million (€110.3m-$130.5m) into the British company, the report said.

Clark currently operates 345 stores in the U.K.