Struggling UK footwear retailer Clarks’ shareholders has approved its takeover by the private equity firm LionRock Capital. As per Fashion Network, the £100 million deal is the final part of a rescue packaged that hinged on the business securing a Company Voluntary Arrangement (CVA). That CVA was approved by the company’s creditors last month and will ensure all Clarks’ 320 stores will survive for now.

The rescue deal is expected to be completed in the New Year. It will see Hong-Kong based LionRock Capital take a controlling stake in the near-two-century family-owned business. The Clark family will remain invested in the business. According to the LionRock, the agreement will enable Clarks to position the business for future long-term sustainable growth and deliver its strategy to revitalize the brand.

The approved CVA will allow 60 of Clarks’ stores to forgo their rent, while rent will be turnover-based at the remaining 260. Earlier in the year, Clarks announced plans to cut around 900 corporate jobs worldwide with over 100 jobs going at the company’s HQ in Somerset, UK. However, the company noted it plans to create around 200 new roles.