The Original Factory’s CVA proposal has been approved by creditors this week, allowing the struggling UK retailer to shed around 10% of its store estate. The move puts an estimated 290 jobs at risk of redundancy.
Tofs, the discount department store, has seen its revenue near the £200m mark in the year to 2 April 2017, but pre-tax profits fell to £4.74m following an inventory clearance and the implementation of a new strategy.
British discount department store Tofs increased total sales by 5.6% in the six weeks to Sunday 8 January, with its seasonal categories, general merchandising and clothing performing particularly strongly.
...It looks like speculation around the closure of some stores by The Original Factory Shop (Tofs) has been correct with news this week that its CVA is likely to see more than 14% of stores being shut.