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Office up for sale

Footwear retailer Office has been put up for sale as it becomes the latest retailer to seek funding amid the coronavirus pandemic. 

Professional services firm Alvarez & Marsal (A&M) has been hired by Office’s South African owner, retail group Truworths International, to run an accelerated sale process for the business. 

Last year Office appointed A&M to assess the company’s financial position and consider options for the business, including a potential company voluntary arrangement (CVA). 

Instead, it concluded a refinancing in September, and said it would shut unwanted shops when their leases expired. 

Office CEO Lorenzo Moretti resigned in November 2019, before joining Dr Martens as its new president of EMEA

Drapers has contacted Office and A&M for a comment on the proposed sale. 

The news comes after Cath Kidston filed a notice of intention to appoint administrators and Debenhams collapsed for the second time in a year earlier this month, as the coronavirus crisis continues.

Oasis and Warehouse Group is also preparing to appoint accountancy firm Deloitte as administrator.

Follow the latest industry developments via our coronavirus tracker

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