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

Sales tax reduced for Pak textile, leather sectors

Textiles | On 20th Nov 2018

Sales tax reduced for Pak textile, leather sectors

Pakistan’s Federal Board of Revenue (FBR) recently issued procedure...

US may include RMG in revised duty free Nepali items list

Apparel/Garments | On 20th Nov 2018

US may include RMG in revised duty free Nepali items list

The United States is interested to revise the list of Nepali products ...

Courtesy: Microsoft

Information Technology | On 20th Nov 2018

Gap partners with Microsoft for digital transformation

Gap has established a strategic partnership with Microsoft to drive...

Interviews View All

Krishnanand Tripathi, Textrade International Ltd

Krishnanand Tripathi
Textrade International Ltd

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

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


November 2018

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

news category


Related Categories:

Advanced Search