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Truworths responds to news report about Office

Jul 9, 2019 South Africa
Truworths responds to news report about Office
In a release issued on the 2nd of July Truworths responded to a report by Sky News and clarified the impact of Office's current situation in the group's operations in Africa
In their release Truworths responded as follows:

Office has circa 45 million British Pounds of debt which is due to be repaid with a significant portion of the debt to be settled through a lump sum payment at maturity in December 2020. In light of the depressed retail trading environment currently being experienced in the UK, Office has entered into discussions with the relevant lenders regarding potential debt restructuring options. To assist in this regard, Office and the lenders have appointed Alvarez & Marsal Europe LLP and Deloitte LLP, respectively, as their professional advisors.

Though it is expected that the UK and Office will continue to experience a difficult trading environment in the medium term, the company's management and the board of directors believe that the discussions with the lenders and any resultant debt restructuring will not have a material impact on the Group's operations in South Africa and the rest of Africa.


Background

Back in December 2015, Trutworth acquired Office, a UK-based retail chain marketing men’s and women’s shoes, through standalone stores and concessions in UK retailers Selfridges, Topshop and House of Fraser (FOLLOW THIS LINK FOR MORE DETAILS).  Early this month several reports appeared on the news stating that Truworths is in the process of restructure Office's debt and has entered debt restructuring talks with its lenders (FOLLOW THIS LINK FOR MORE DETAILS).

Photo by Sergi Kabrera on Unsplash

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