House of Fraser store closure plan backed
22 June 2018
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Creditors have backed department store chain House of Fraser's plans to close more than half its stores. High Street landlords were unhappy with the plan as they will have to shoulder the burden of financial losses, but they were outvoted.The retailer will now go ahead and shut 31 of its 59 shops nationwide, and also impose huge rent cuts on 10 others that it intends to keep.Up to 6,000 jobs are set to go as a result of the store closures. The vote was seen as a make-or-break moment for the 169-year-old business. If the rescue plan had failed, administration was likely.
Why is House of Fraser failing?
Why we no longer love department stores
In all, 2,000 House of Fraser jobs are set to go, 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, House of Fraser has said.In May, House of Fraser's Chinese owners, Nanjing Cenbest, reache…
Image copyright
Getty Images
Creditors have backed department store chain House of Fraser's plans to close more than half its stores. High Street landlords were unhappy with the plan as they will have to shoulder the burden of financial losses, but they were outvoted.The retailer will now go ahead and shut 31 of its 59 shops nationwide, and also impose huge rent cuts on 10 others that it intends to keep.Up to 6,000 jobs are set to go as a result of the store closures. The vote was seen as a make-or-break moment for the 169-year-old business. If the rescue plan had failed, administration was likely.
Why is House of Fraser failing?
Why we no longer love department stores
In all, 2,000 House of Fraser jobs are set to go, 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, House of Fraser has said.In May, House of Fraser's Chinese owners, Nanjing Cenbest, reache…