Threat: The House of Fraser store on Oxford Street
House of Fraser’s flagship store is facing the axe as it teeters on the brink of administration.
It is understood that the retailer’s famous shop on Oxford Street could shut under proposals to close one in three of its 59 stores.
The department store chain is trying to get support from creditors to secure store closures and rent reductions on others.
The insolvency process, called a company voluntary arrangement, will allow the retailer to continue trading while getting rid of its least profitable stores.
Frank Slevin, chairman of House of Fraser, said: ‘We are on track with our plans to enter the proposed CVA agreement.’