{"id":13767,"date":"2019-07-02T10:45:13","date_gmt":"2019-07-02T09:45:13","guid":{"rendered":"http:\/\/www.fiveminutesspare.com\/news\/?p=13767"},"modified":"2019-07-02T10:49:32","modified_gmt":"2019-07-02T09:49:32","slug":"footwear-company-office-could-close-stores-as-part-of-a-restructure","status":"publish","type":"post","link":"https:\/\/www.fiveminutesspare.com\/news\/footwear-company-office-could-close-stores-as-part-of-a-restructure\/","title":{"rendered":"Footwear company, Office, could close stores as part of a restructure"},"content":{"rendered":"

The footwear chain Office is considering a restructure that could result in some store closures after being hit with the high street downfall.\u00a0<\/span><\/p>\n

The retailer suffered a 3% fall in UK sales in the six months to December 2018, it closed six of its 100 UK outlets. It has been said Office are planning to do a Company Voluntary Arrangement (CVA)\u00a0 which could see more store closer in order to keep the company trading.\u00a0<\/span><\/p>\n

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Office is owned by South African holding company Truworths International who bought it for \u00a3250 million in 2015. It trades in Germany and Ireland as well as the UK.<\/span><\/p>\n

The chain is working with advisory firm Alvarez & Marsal (A&M) to make plans on how to save the UK stores from failing. It is unclear if the oversea shops would be affected by a CVA. A&M will be revealing the plans for Office in the upcoming weeks.\u00a0<\/span><\/p>\n

Earlier this year, Office said it had “continued concerns over Brexit and depressed consumer demand” had affected its business.\u00a0<\/span><\/p>\n

Office is not the only high street brand which is facing financial\/sale problems. Debenhams,\u00a0Mothercare\u00a0and\u00a0New Look\u00a0have also all closed stores over the past year in a bid to scale back outgoings.<\/span><\/p>\n

The high street downfall is all to do with the change in customer habits. The internet is becoming the first choice for shoppers leaving high street stores\/branches to struggle survival. Everyone is turning to shopping online as it is seen as an easier way to shop; this is because you can do it from the comfort of your home and there is no need to face traffic. This is leaving high street stores at a high risk of losing profits.<\/span><\/p>\n

To read more about the high street and why they are failing click the link below:<\/span><\/p>\n

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Is the high street failing?Edit<\/a><\/a><\/p><\/blockquote>\n