Office chain to close 100 stores as it plans CVA

The shoes chain Office owned by Truworths International is set to close 100 stores in the UK and hired advisers to draw up plans for a voluntary arrangement for restructuring.

The chain is looking for a restructuring programme as it struggles in an already damaged British high street.

Sky‎ News reported that Office appointed Alvarez & Marsal (A&M), the advisory firm, to draw up plans for a so-called company voluntary arrangement that could see the closure of some its roughly 100 UK stores.

Office is just the latest firm to seek a CVA as fashion and other retailers close stores and slash rents in mass.

Sir Philip Green's Arcadia Group saw a CVA approved last month and this week creditors to Monsoon Accessorize will vote on a CVA proposal that will not entail immediate store closures.

In the last two years, Carpetright, Debenhams, House of Fraser, Mothercare‎ and New Look have all turned to CVAs to survive.