Office footwear chain considers closure of its 100 stores

Footwear chain Office has been struggling with sales. After suffering a three percent decline in sales over the last six months, the UK-based brand is considering a restructuring strategy that could result in the closure of numerous stores.

Office is owned by South African retail company Truworths and operates stores in UK, Ireland and Germany, with U.S. concessions in Las Vegas, New York City, and Chicago. In addition to its own private label brand, Office sells products from footwear brands including Adidas, Converse, Ted Baker, UGG and Vans.

Office has close to 100 locations altogether, including its concessions in Topshop, Selfridges and House of Fraser locations.

The company's lenders have brought on consultancy firm Deloitte to advise on options, Sky News reported. Office is considering a company voluntary arrangement (CVA) as an option. A CVA is an insolvency process used to close stores and cut rent.