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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


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