Specialist providers firm Alvarez & Marsal (A&M) has been employed by Office’s South African operator, retail team Truworths Global, to run an accelerated sale procedure for the business, Sky Information has reported.
Previous 12 months Office appointed A&M to assess the company’s monetary placement and take into consideration choices for the business, including a prospective organization voluntary arrangement (CVA).
In its place, it concluded a refinancing in September, and explained it would shut undesirable shops when their leases expired.
Place of work CEO Lorenzo Moretti resigned in November 2019, before signing up for Dr Martens as its new president of EMEA.
Drapers has contacted Place of work and A&M for a remark on the proposed sale.
The news will come just after Cath Kidston submitted a recognize of intention to appoint administrators and Debenhams collapsed for the 2nd time in a 12 months earlier this month, as the coronavirus disaster continues.
Oasis and Warehouse Team is also preparing to appoint accountancy firm Deloitte as administrator.
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