House of Fraser to close stores in reorganisation

the contraction of the high street and out of town shopping continues...



House of Fraser plans to close stores as new owners look to turn around
the department store chain.

House of Fraser confirmed that Chinese retailer C.banner is taking a 51%
stake in the firm, shifting control from previous Chinese owner Nanjing
Cenbest.

The retailer intends to launch a company voluntary arrangement (CVA)
under which it is likely to close some stores and renegotiate rents on others.

House of Fraser did not say how many stores are earmarked for closure.

The retailer currently has 59 stores in the UK and Ireland. There are more
than 6,000 House of Fraser employees and 11,500 concession staff.

"There is a need to create a leaner business that better serves the rapidly
changing behaviours of a customer base," said Frank Slevin, chairman of
House of Fraser.

"House of Fraser's future will depend on creating the right portfolio of stores
that are the right size and in the right location."