Truworths writes down UK business for a second time. Should it walk away?

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Truworths store in Cape Town City Center. The retailer wrote down another R2.5bn in its UK business, Office. 
Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images
Truworths store in Cape Town City Center. The retailer wrote down another R2.5bn in its UK business, Office. Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images

For the second time in as many years, fashion retailer Truworths has had to write down the value of its UK footwear chain, Office, after only buying it five years ago. The Michael Mark-led retailer acquisition of the chain coincided with the 2016 Brexit referendum that triggered a slowdown in the British economy. Covid-19 pandemic has disrupted the global retail sector in its entirety.

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