Office earmarks 15 loss-making stores for closure

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Office is mulling the closure of 15 stores in the UK over the next two years as part of a wider turnaround strategy from parent company Truworths.

Truworths chief executive Michael Mark told analysts last week the group expects to run down leases on between 10 and 15 of its 139-strong UK store estate over the next two years, as part of a turnaround plan to boost sales and profits at the struggling footwear retailer.

In the presentation, Mark also earmarked three “problematic” Office concessions for closure over a two-year timeframe.

He said: “Closure of poor-performing stores remains a priority while enhancing the e-commerce offering to grow sales in a consumer environment trending towards online shopping – footwear is highly conducive to online retailing.”

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