The Original Factory Shop which had been re-branded as Tofs, only to return to its original name, is seeking to close 32 of its 224 shops as well as secure rent reductions on the rest of its store estate. With sales having increased to £190 million, the retailer posted a drop of £3.1 million in its profits, and is keen to now shed unprofitable stores in a bid to turn the business around. Owner Duke Street has secured further lending for the retailer subject to it being able to sharply reduce operating costs.
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