Truworth of South Africa has announced an agreement to refinance Office, the British shoe retail chain that it bought four years ago for £256 million (€297.6m-$332.3m). Standard Bank will provide a debt facility of £32.5 million (€37.8m-$42.2m) that replaces a former line of credit. The closure of some loss-making stores is expected to take place soon. The chain, which currently operates more than 100 stores in the country, had to sustain a total debt of roughly £45 million (€52.3m-$58.4m) in the financial year ended in June. Office is one of several British retailers that have suffered from a depressed retail environment in the U.K., uncertainty around Brexit, weak consumer feeling and competition from online shops.

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