World Footwear

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Truworths to restructure Office's debt

Jul 4, 2019 South Africa
Truworths to restructure Office's debt
The South African fashion retailer Truworths International confirmed its British footwear chain Office has entered debt restructuring talks with its lenders
"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," Truworths commented.

According to Nasdaq, Office has around 45 million pounds of debt. Some of the reasons explaining this situation are common to other retailers with operations in the UK: uncertainty around Brexit, weak consumer feeling, increasing shift to online commerce and high property costs in the UK.

In fact, it is not just footwear retailing suffering in the UK and the list of brands impacted by such conditions grows by the day.

Truworths, the South Africa based retailer of clothing, shoes, jewellery and homeware and owner of Office has confirmed that the debt restructuring talks will not have a material impact on the its operations in its home market and the rest of Africa.

Source: Nasdaq

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