Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

House of Fraser to close more than 50 percent of its stores

Department store chain House of Fraser plans to close 31 of its 59 shops, affecting 6,000 jobs, as part of a rescue deal.

If the plan is approved, House of Fraser will lose 2,000 jobs, along with 4,000 brand and concession roles.

The stores scheduled for closure, which include its flagship London Oxford Street store, will stay open until early 2019.

The retailer needs the approval of 75% of its creditors to go ahead with the rescue plan.

In May, House of Fraser's Chinese owners Nanjing Cenbest reached a conditional agreement to sell a 51% stake to the Chinese owner of Hamley's, C.banner. The sale is conditional on the restructuring plan being approved.

Of the 31 stores it wants to shut, it is seeking a 70% rent reduction for seven months, after which the stores will close.

In addition to the store closures, the department store chain is seeking to cut rents by 25% on 10 of the stores it is keeping open.

 

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo