• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

UK House of Fraser seeks restructuring, to close 31 stores

14 Jun '18
1 min read
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

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
Advanced Search