Office avoids CVA but around 50 stores set to close
The South African-owned footwear chain has announced it could close as many as half its 100 UK shops as leases expire but won’t do it through a CVA.
Sky News reported that the retailer was drawing up plans to axe dozens of its 100 shops as their leases expire over the next few years.
Office had been exploring a restructuring plan for the last few weeks, but was no longer considering a Company Voluntary Arrangement to carry out the closures.
Sources said on Friday that Truworths International, Office's owner since 2015 (paying £250m for the company), was likely to finalise its plans for the chain in the near future.
A spokesperson for Office said: "We have no immediate plans to close down stores. We remain in discussions with our lenders and talks are progressing well."
The spokesperson added: “We have no immediate plans to close down stores. We remain in discussions with our lenders and talks are progressing well.”