Home / Knowledge / News / Fashion / UK House of Fraser seeks restructuring, to close 31 stores
UK House of Fraser seeks restructuring, to close 31 stores
14
Jun '18
Courtesy: House of Fraser
Courtesy: House of Fraser
House of Fraser recently filed, in a British court, proposals for company voluntary arrangements (CVAs) that are key to its significant restructuring, without which the company does not have a viable future. The proposals follow the recent announcement by C.banner to acquire a 51 per cent stake in the group and its intention to introduce significant new capital.

Following a comprehensive review of the group’s entire property portfolio, its directors have identified 31 stores out of 59 leased stores across the United Kingdom and Ireland for closure as its property portfolio at present is unsustainable, according to a press release from the company.

As part of this CVA process, the company also proposes to relocate its Baker Street head office and the Granite House office in Glasgow to new locations to reduce costs and secure its future.

Pending approval of the CVAs, it is anticipated that the stores scheduled for closure will remain open until early 2019.

If this process is approved, it will affect up to 2,000 House of Fraser employees and a further 4,000 brand and concession partners. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Trinity Kubassek from Pexels

Textiles | On 19th Aug 2018

Australian wool production to fall 5.7% in 2018-19

Shorn wool production in Australia is likely to fall by 5.7 per cent...

Courtesy: Next Level Apparel

Apparel/Garments | On 19th Aug 2018

Blue Point Capital recapitalises Next Level Apparel

Blue Point Capital Partners has recapitalised Next Level Apparel, a...

Retailers approaching 100% inventory accuracy: Study

Apparel/Garments | On 19th Aug 2018

Retailers approaching 100% inventory accuracy: Study

With computer vision use cases maturing, Artificial Intelligence (AI) ...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Mr Ambrose Chan
DSG International (Thailand) PLC

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search