Footwear chain Office explores restructuring plans
Office is exploring options for a restructuring plan that could see the footwear chain shutter a number of its UK stores.
The retailer has appointed advisory firm Alvarez & Marsal to plan a potential company voluntary arrangement (CVA), Sky News reported.
Read more: Landlords pick a fight with the CVA
Sources told the broadcaster that a CVA is not definite, and Office could explore different restructuring options.
Office is owned by Johannesburg-listed holding company Truworths International, which bought Office for around £250m in 2015.
Office has more than 160 stores globally, in the UK, Ireland and Germany, as well as concessions in Topshop stores in New York, Las Vegas and Chicago.
It is unclear whether the CVA will affect the retailer’s international operations.
Alvarez & Marsal is expected to complete a restructuring plan for the shoe shop in the next few weeks.
The decision to take steps towards a CVA would make Office the latest in a string of high street retailers to explore the restructuring option.
Read more: Philip Green’s fashion empire hangs by a thread as CVA vote is delayed
Last month Sir Philip Green’s retail empire Arcadia, which owns Topshop and Dorothy Perkins, received backing to close 23 stores and cut rent at nearly 200 branches.
This week creditors will vote on Monsoon Accessorize’s restructuring plan, which would not see any immediate store closures but would allow rent cuts at 135 of its 258 leased stores.
City PM has contacted Alvarez & Marsal for comment. Office could not be reached for comment.