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 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.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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