The parent company of footwear retailer Office is reportedly seeking a new owner urgently, making it the latest retailer to seek new funding amid the coronavirus pandemic.
According to Sky News, South Africa-based Truworths International hired Alvarez & Marsal to run an accelerated sale process of Office, which trades from 130 stores across the UK, Germany and Ireland.
While the prospects for a solvent sale of the retailer were still unclear, information sent to potential bidders reportedly said a sale could be completed “within a short time-frame”.
The news comes several months after Truwoths had considered launching a CVA for Office after it experienced a period a decline due to a tough retail market in the UK. Instead, it concluded an agreement to refinance the funding for footwear chain and confirmed that close loss-making store closures would go ahead once their leases expired.
In addition, in November last year Office Chief Executive Lorenzo Moretti exited the retailer after just one year in the role and Chief Operating Officer Kerry van der Merwe was appointed as interim Managing Director.
