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Wales Online
Wales Online
National
Neil Shaw

Another High Street chain at risk as owner puts it up for sale

Another High Street retailer appears to be at risk after the coronavirus lockdown as its owner puts the chain up for sale.

Footwear chain Office is now being sold by owner Truworths, reports The Mirror, which has hired consultants Alvarez & Marsal (A&M) to find a buyer.

It comes after Oasis and Warehouse were yesterday reported to be on the edge of collapse and recent administration woes for Debenhams, Brighthouse, Carluccios and Chiquitos.

Information sent to prospective bidders for Office said it was "anticipated that a sale will be completed within a short time-frame", according to Sky news.

A&M is running a similar process for Cath Kidston, which filed a notice of intention to appoint administrators nearly a fortnight ago.

Office considered a formal restructuring process called a company voluntary arrangement (CVA) last year but ultimately decided against using such a mechanism to close unprofitable stores.

Instead, it concluded a refinancing in September, and said it would shut unwanted shops when their leases expired.

Truworths bought the Office chain in 2015 in a deal worth about £250m.

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