Truworths’s frayed UK business worth repairing, says CEO
Michael Mark, who is retiring after nearly three decades at the SA retailer, says feedback from restructuring experts was positive
03 September 2020 - 19:49
Truworths’s struggling UK footwear chain is worth saving, CEO Michael Mark said on Thursday, after the SA clothing company outlined plans to advance a total of £6.5m (R144m) over the next 15 months to keep the business it has already written down by more than R4bn afloat.
Truworths, owner of local brands Identity and Naartjie, bought the British footwear retailer for R5.5bn, but low consumer confidence due to Brexit and the coronavirus pandemic has slowed trading in its UK, Ireland and Germany stores...
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