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SHOE retailer Office is looking to close as many as half of it’s stores in the UK.
Sky News reports that the South African-based company is planning to axe around 50 of its 100 stores.
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Office, which is owned by Truworths International since 2015, is believed to have been exploring restructuring plans over the past few weeks.
It has apparently ruled out a Company Voluntary Arrangement (CVA) – a way of paying debts to creditors by closing stores and cutting rents commonly used by struggling retailers.
A final decision on the closures is yet to be finalised but it is believed that some stores may shut their doors when their leases end.
Those that have been earmarked for closure are not likely to be shut immediately.
More to follow…
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