Office is considering launching a CVA as part of a restructuring process which is expected to take place over the next few weeks.
The shoe retailer has appointed Alvarez & Marsal to restructure the business, Sky News reported.
The CVA is not yet set in stone as the footwear retailer could explore other restructuring options. It has more than 160 stores worldwide in the UK, Ireland and Germany and concessions in Topshop stores in New York, Las Vegas and Chicago. It is unknown if the CVA will affect international operations.
If Office did decide to pursue a CVA, it would make the retailer the latest in a long line of high street retailers to explore the option.
Last month, Sir Philip Green’s Arcadia, which owns Topshop, Burton and Dorothy Perkins, won backing from creditors to close 23 stores and cut rents at almost 200 others.
Creditors will vote this week on Monsoon Accessorize’s restructuring plan. The plan does not include any closures but would cut rents at around half of its 258 stores.
No comments yet