Thursday, 7 June 2018

House of Fraser to close 31 stores across UK and Ireland.

House of Fraser is to close more than half its
stores including its flagship store in Oxford Street, London (Reuters)
Up to 6,000 jobs are under threat after embattled department store chain House of Fraser announced 31 of its 59 stores are set to shut across the UK and Ireland as part of a rescue plan.

House of Fraser said the planned closures, which include its Oxford Street store, come as part of a company voluntary arrangement (CVA) – a controversial insolvency procedure in vogue among struggling retailers.

If the CVA is approved by landlords, it will affect up to 2,000 House of Fraser staff and a further 4,000 across brands and concessions. It said the shops earmarked for closure would remain open until early 2019.

The group said it also plans to relocate its Baker Street head office and the Granite House office in Glasgow to help slash costs and “secure House of Fraser’s future”.

Alex Williamson, chief executive of House of Fraser, said: “Today’s announcement is one of the most important in this company’s 169-year history. We, as a management team, have a responsibility to take necessary steps to ensure House of Fraser’s survival, which is why we are making these proposals.

“We are fully committed to supporting those personally affected by the proposals.”





Full story at Yahoo News.

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