{"id":162269,"date":"2019-09-27T13:38:39","date_gmt":"2019-09-27T13:38:39","guid":{"rendered":"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/"},"modified":"2021-08-12T14:04:34","modified_gmt":"2021-08-12T14:04:34","slug":"office-refinances-debt-and-moves-ahead-with-closures","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/","title":{"rendered":"Office refinances debt and moves ahead with closures"},"content":{"rendered":"<p>Office owner Truworths has concluded a refinancing of the footwear chain <strong>securing its future, but some store closures will go ahead.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>Truworths said it had <strong>secured an agreement with Standard Bank to receive a \u00a332.5 million facility,<\/strong> which coupled with its \u00a310.5 million in cash reserves has been used to settle its debt.<\/p>\n<p>Truworths CEO Michael Mark said the funding had been obtained at more favourable rates than the existing facility, thanks to the strength of the group\u2019s balance sheet.<\/p>\n<p>\u201cBased on <strong>Office\u2019s profitability, liquidity and cash position<\/strong>, as well as the successful completion of the debt restructuring, the board wishes to advise stakeholders that no major financial restructuring of Office is being considered,\u201d Mark said.<\/p>\n<p>Mark had previously said that <strong>around 15 of around 100 stores<\/strong> would be closed over the next two years when leases expired along with some problematic concessions.<\/p>\n<p>\u201cOffice management is <strong>now focused on driving profitable growth<\/strong> by improving staff morale, investing in customer and brand relationships, and improving merchandise processes,\u201d Mark said.<\/p>\n<p>\u201cWe continue to enhance the e-commerce offering to grow sales in an environment trending towards online shopping.\u201d<\/p>\n<p>South African group Truworths<strong> acquired Office for \u00a3250m in 2015.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":135423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[9875,15136,12563,12038],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Office refinances debt and moves ahead with closures - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Office owner Truworths has concluded a refinancing of the footwear chain securing its future, but some store closures will go ahead. 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Truworths said it had\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-27T13:38:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-12T14:04:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/Office-2-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"719\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lauretta Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauretta Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/\"},\"author\":{\"name\":\"Lauretta Roberts\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/85b04a16eba8c6cd7a9534c5a4262b89\"},\"headline\":\"Office refinances debt and moves ahead with closures\",\"datePublished\":\"2019-09-27T13:38:39+00:00\",\"dateModified\":\"2021-08-12T14:04:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/\"},\"wordCount\":200,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Footwear\",\"Michael Mark\",\"Office\",\"Truworths\"],\"articleSection\":[\"Finance\",\"News &amp; Insight\",\"Retail &amp; Etail\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/\",\"url\":\"https:\/\/www.theindustry.fashion\/office-refinances-debt-and-moves-ahead-with-closures\/\",\"name\":\"Office refinances debt and moves ahead with closures - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2019-09-27T13:38:39+00:00\",\"dateModified\":\"2021-08-12T14:04:34+00:00\",\"description\":\"Office owner Truworths has concluded a refinancing of the footwear chain securing its future, but some store closures will go ahead. 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