Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street.
The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News.
Office is said to have decided against using a company voluntary agreement (CVA) to implement the closures.
CVAs, an insolvency process used to cut rents and close shops, have been under the spotlight recently following their use by Sir Philip Green in a controversial rescue plan to save his retail empire from administration.
Office’s parent company, the South African firm Truworths, is due to report its full-year results next week. The Johannesburg-listed company bought the shoe chain in 2015 for £256m.
A spokesperson for Office said: “We have no immediate plans to close down stores. We remain in discussions with our lenders and talks are progressing well.”
It emerged earlier this month that the footwear chain was exploring restructuring options.
Office has more than 160 stores globally, in the UK, Ireland and Germany, as well as concessions in Topshop stores in New York, Las Vegas and Chicago.