House of Fraser may close up to half of its stores in last-ditch move to rescue its finances

[ad_1]

City & Finance Reporter for the Daily Mail

Struggling House of Fraser may close up to half of its department stores in a last-ditch move to rescue its finances.

The firm is drawing up proposals for a company voluntary arrangement (CVA) – an insolvency process that could see it close up to 30 of its 59 stores and negotiate dramatic rent cuts on others. 

The CVA – which it needs to secure major investment from a potential Chinese backer – could lead to thousands of job losses. 

The chain employs 6,000 staff while a further 11,500 work at concessions within its department stores.

A House of Fraser spokesman said last night that details of the proposed CVA would be published next month.

Advertisement

[ad_2]

Source link