Office news and archive

Truworths negotiating fresh funding for Office

Truworths, the South African owner of Office, has said it is in the process of negotiating further funding for the British footwear retailer. It is also looking into different restructuring initiatives, including a staff redundancy process and store lease negotiations, in a bid to “secure the long-term viability” of the struggling retailer....

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Owner of Office puts footwear retailer up for sale

Truworths, the South African owner of Office, has reportedly put the British footwear retailer up for sale. The company has hired professional services firm Alvarez & Marsal to run an accelerated sale process for Office, Sky News reports. According to the news publication, a sale could be completed “within a short time-frame”. Office currently...

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Management

Truworths eyes closure of up to 15 UK Office stores

South Africa's Truworths International Ltd is planning to close up to 15 loss-making Office stores in the UK as part of its turnaround strategy. The day after the company released its full-year results, CEO Michael Mark told analysts of plans to close up to 15 of its roughly 139 stores over the next two years, as well as three “problematic”...

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South African fashion retailer Truworths lowers earnings forecast

New York – The South African apparel retailer Truworths International Ltd has issued a reviewed earnings forecast, lowering its core earnings. The fashion group took a 97 million pound impairment charge related to its Office shoe chain in Britain, as explained in a corporate announcement echoed by Reuters. The publicly traded company (South...

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Retail

Office footwear chain considers closure of its 100 stores

Footwear chain Office has been struggling with sales. After suffering a three percent decline in sales over the last six months, the UK-based brand is considering a restructuring strategy that could result in the closure of numerous stores. Office is owned by South African retail company Truworths and operates stores in UK, Ireland and Germany,...

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Footwear retailer Office could be nearing CVA

Footwear retailer Office is reportedly mulling a company voluntary arrangement (CVA). The company has appointed advisory firm Alvarez & Marsal (A&M) to draw up a CVA plan which could see the closure of some of its roughly 100 UK stores, Sky News reports. It is unclear whether any of the retailer’s overseas stores in Germany and Ireland would...

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Office annual sales reach 298.7 mn pounds

In accounts recently submitted with Companies House UK, Office said that despite tough trading environment in the UK, the company managed to achieve sales of 298.7 million pounds (404.5 million dollars) in the 53 weeks to July 2, 2017 against 170 million pounds (230 million dollars) last year. The company had posted sales of 387.8 million pounds...

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Office confirms new director

Office has named Michael Mark, currently chief executive of South African fashion retailer Truworths, which acquired the footwear retailer from Silverfleet Capital in November 2015. Truworths is one of Africa’s leading fashion retailers, with more than 650 stores in South Africa and 40 in the rest of the continent, and in November, it bought...

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Office names Truworths CFO as Director

British footwear retailer Office has named the current chief financial officer of its new owner, South African retailer Truworths International as a director. According to records in Companies House, Truworths' David Pfaff was appointed as director at Office on December 4, 2015. The new appointment comes not long after Office former owners,...

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Management|UPDATE

Truworths acquires Office for 256 million pounds

Following a five-year period of "significant growth in the UK and expansion into Germany" for British footwear retailer Office, comes a change of ownership as Truworths International acquires a majority stake in the company. The acquisition, which has been previously predicted to close last week, was officially announced early Monday morning by...

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Business

Silverfleet appoints JP Morgan to advise on Office ́s 300 million sale or float

Silverfleet, the private equity firm which owns high street shoe retailer Office, has brought in advisers to explore the sale or float of the company. Market insiders expect the deal to nail circa 300 million pounds. Silverfleetacquired Office for 150 million pounds in 2010 from Scottish billionaire Sir Tom Hunter’s West Coast Capital. Barely...