Stores to close as CVA approved
The Original Factory Shop (Tofs) has agreed a Company Voluntary Agreement (CVA) proposal, which will see it close 32 of its 124 nationwide stores while reducing rents at remaining locations.
The list of closures includes three shops across Yorkshire, in Woodseats (Sheffield), York and Catterick Garrison, according to reports today.
Private equity firm Duke Street had agreed to provide £10m in cash to the company previously. At the same time, Tofs – which is headquartered in Burnley – also launched a CVA proposal announcing plans to close 10% of the store estate (32 stores) and reduced rents for the remaining 92.
In June, Tofs saw its credit insurance by Euler Hermes pulled following planned stores closure announcements.
Last year the discount retailer reported a profit drop of £3.1m, despite turnover rising by £5 m to £190m.
The list of shops Tofs plans to shut include Aylesbury, Bargoed, Barry, Bearwood, Brighton, Buckley, Bury St Edmunds, Catterick Garrison, Church Stretton, Colywn Bay, Dumfries, Frome, Helston, Lockerbie, Maesteg, Morpeth, Oswestry, Penicuik, Perth, Pontarddulais, Ramsey, Salisbury, Sheeness, Stockbridge, Tredegar, Walsall Wood, Wantage, Welling, Whitley Bay, Wick, Woodseats, York and a depot in Penrith.
