Truworths news and archive

Truworths negotiating fresh funding for Office

Truworths, the South African owner of Office, has said it is in the process of negotiating further funding for the British footwear retailer. It is also looking into different restructuring initiatives, including a staff redundancy process and store lease negotiations, in a bid to “secure the long-term viability” of the struggling retailer....

Business

Owner of Office puts footwear retailer up for sale

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...

RetailFeatured

Truworths eyes closure of up to 15 UK Office stores

South Africa's Truworths International Ltd is planning to close up to 15 loss-making Office stores in the UK as part of its turnaround strategy. The day after the company released its full-year results, CEO Michael Mark told analysts plans to close up to 15 of its roughly 139 stores over the next two years, as well as three “problematic”...

Business

South African fashion retailer Truworths lowers earnings forecast

New York – The South African apparel retailer Truworths International Ltd has issued a reviewed earnings forecast, lowering its core earnings. The fashion group took a 97 million pound impairment charge related to its Office shoe chain in Britain, as explained in a corporate announcement echoed by Reuters. The publicly traded company (South...

BusinessFeatured

Truworths posts 7.3 percent drop in annual profit, appoints David Pfaff to COO

In a tough economic environment in South Africa and in the UK, Truworths Group said that its retail sales for the 52-week period ended July 1, 2018 remained unchanged at 18 billion rand (1.2 billion dollars). Relative to the 53-week prior reporting period ended July 2, 2017, Group retail sales decreased by 2.7 percent. The company added that...

Fashion Featured

Phase Eight owner considers making a bid for Whistles

London - Foschini Group, the South African retail group which acquired international women’s wear label Phase Eight last year, is said to have it sights set on taking over another high street staple: Whistles. The British fashion retailer has taken on advisers at KPMG to help prepare for a potential sale and has already received interest from a...

People

Office confirms new director

Office has named Michael Mark, currently chief executive of South African fashion retailer Truworths, which acquired the footwear retailer from Silverfleet Capital in November 2015. Truworths is one of Africa’s leading fashion retailers, with more than 650 stores in South Africa and 40 in the rest of the continent, and in November, it bought...

People

Office names Truworths CFO as Director

British footwear retailer Office has named the current chief financial officer of its new owner, South African retailer Truworths International as a director. According to records in Companies House, Truworths' David Pfaff was appointed as director at Office on December 4, 2015. The new appointment comes not long after Office former owners,...

Business

Truworths said to acquire Office for 260 million pounds this week

It seems as if months of ongoing discussions are finally set to come to a head as South African retailer Truworths is to complete its acquisition of British footwear chain Office this week. Truworths, which is listed on the Namibia and Johnannesburg stock exchanges, is expected to sign an agreement this week to finalize its purchase of Office....

Fashion

Truworths acquires Earthchild to boost its kidswear range

South African clothing retailer Truworths International plans to boost its offering to children after completing the purchase of high-end chain Earthchild Clothing for an undisclosed cash sum. “I am excited by the intended acquisition of the Earthchild and Earthaddict businesses,which have great growth prospects and which, together with our...