mo4ch:>House of Fraser rescue plan faces vote
House of Fraser rescue plan faces vote
By Emma Simpson
Business correspondent, BBC News
22 June 2018
Media playback is unsupported on your device
Media captionWhy is House of Fraser failing?Creditors vote on Friday on whether to accept House of Fraser's plans to close more than half its stores. It is a make-or-break moment for the 169-year-old business. The department store chain wants to shut 31 of its 59 shops and impose huge rent cuts on 10 others that it intends to keep. Six thousand jobs are at risk in a drastic attempt to save the chain from collapse. If the rescue plan fails, administration is likely. But High Street landlords are furious about the way they're being treated. They are the creditors who have to shoulder the burden of financial losses.
Many properties are owned by institutional investors who rely on store leases to provide a steady income stream for pension funds and insurers. Take the House of Fraser store in Milton Keynes. It's part of a shopping centre co…
By Emma Simpson
Business correspondent, BBC News
22 June 2018
Media playback is unsupported on your device
Media captionWhy is House of Fraser failing?Creditors vote on Friday on whether to accept House of Fraser's plans to close more than half its stores. It is a make-or-break moment for the 169-year-old business. The department store chain wants to shut 31 of its 59 shops and impose huge rent cuts on 10 others that it intends to keep. Six thousand jobs are at risk in a drastic attempt to save the chain from collapse. If the rescue plan fails, administration is likely. But High Street landlords are furious about the way they're being treated. They are the creditors who have to shoulder the burden of financial losses.
Many properties are owned by institutional investors who rely on store leases to provide a steady income stream for pension funds and insurers. Take the House of Fraser store in Milton Keynes. It's part of a shopping centre co…