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.