Footwear retailer to close underperforming stores
Up to 15 underperforming stores of footwear retailer, Office, have been earmarked for closure, according to the chief executive of the brand’s parent company, Truworth.
Michael Mark, chief executive of the retailer’s parent company, Truworths, told analysts that the group expects to close up to 15 of roughly 139 Office stores in the next two years as their leases come to an end.
He also said that more closures could possibly follow, explaining that there would be a continuing focus on inventory management with the aim of arresting a decline in gross profit margins, and expanding and growing Office’s ecommerce.
The news comes after the footwear retailer reportedly hired specialists from Alvarez & Marsal to assess the business and consider its options back in early July.
Truworth acquired Office for £250m in December of 2015, marking the South African company’s first point of entry into the European market.