South Africa's Truworths Provides $8.6 Million Funding to Office

South African retailer Truworths International Ltd said on Thursday it will advance funding of 6.5 million pounds ($8.62 million) to its British footwear unit Office as part of a rescue plan, Reuters reported. The group as a whole, which sells clothes, jewellery and homeware, as well as shoes, has been hit by the impact of the COVID-19 pandemic and store closures because of lockdowns. On Thursday, it said its headline earnings per share, South Africa’s most closely-watched profit figure, fell by 28.2% in the year to June 28. The pandemic impact forced Truworths to consider restructuring plans for Office that include redundancies and renegotiating store leases. Read more