Office will close 15 stores
Truworths, the South African owner of Office, has confirmed that as many as 15 underperforming Office stores will be closing over the next two years as their leases come up for renewal. This action is in spite of Truworths having secured a refinancing of the debt facility for the struggling fashion footwear chain. Meanwhile the business is focusing efforts on improving its online offering.
Office is not the only shoe retailer working to turnaround its business, reports are that its competitor Schuh is also seeking rent reductions on a number of its stores, having closed three in Germany. Schuh is not currently considering a CVA process but is instead negotiating with landlords of some of its 132 stores.