Office could close up to half of its stores as leases expire
Office, the footwear chain, could close up to half of its 100 UK stores over the coming years as leases expire.
According to Sky News, the chain, which is owned by South Africa's Truworths International, has been exploring restructuring options for the past few weeks and has decided not to pursue a CVA – the insolvency mechanism used by many distressed retailers to enable rent reductions and store closures.
A spokesperson for the chain told the news organisation that there were no immediate plans to close stores but it remained "in discussions with our lenders and talks are progressing well". Deloitte is advising the chain's investors.
Office was first established in 1981 as a concession in London's department store "Hyper Hyper", on Kensington High Street, and opened its first stand-alone store on the Kings road in 1984. It currently operates around 160 stores and concessions globally. In 2015 it was acquired by Truworths International in a £250 million deal.
The company confirmed in early July that it was in talks with its lenders over a potential restructuring.