Truworths, the South African owner of Office, has reportedly put the British footwear retailer up for sale.
The company has hired professional services firm Alvarez & Marsal to run an accelerated sale process for Office, Sky News reports. According to the news publication, a sale could be completed “within a short time-frame”.
Office currently trades from 130 stores across the UK and Europe.
The retailer considered launching a company voluntary arrangement (CVA) last year following difficult trading but ultimately decided against it. It did, however, conclude a refinancing in September and said it would close loss-making stores once their leases expired.
In November last year, the struggling retailer’s CEO Lorenzo Moretti left the company after just one year at its helm. Chief operating officer Kerry van der Merwe was then appointed interim managing director.
Truworths acquired Office in 2015 for around 250 million pounds.
Photo credit: Office Shoes, Facebook