MPs in bid to stem House of Fraser job losses


  • House of Fraser bosses have agreed to meet MPs where closures are planned
  • MPs want to discuss alternatives to shutting stores
  • The planned closures have angered landlords, who are considering legal action 

Neil Craven And William Turvill, Financial Mail On Sunday

Bosses at House of Fraser will meet MPs on Tuesday as the chain heads for crunch meetings with landlords to avert collapse.

The department store group has launched a radical restructuring that involves closing more than half of its 59 stores to cut costs. It has been promised new funds by Hamley’s Chinese owner C.banner if landlords consent to its proposals.

House of Fraser bosses, understood to include chairman Frank Slevin, have agreed to meet MPs from constituencies where closures are planned. 

Struggling retailer: Bosses at House of Fraser will meet MPs on Tuesday as the chain heads for crunch meetings with landlords to avert collapse

Struggling retailer: Bosses at House of Fraser will meet MPs on Tuesday as the chain heads for crunch meetings with landlords to avert collapse

Struggling retailer: Bosses at House of Fraser will meet MPs on Tuesday as the chain heads for crunch meetings with landlords to avert collapse

MPs including Warwick & Leamington’s Matt Western want to discuss alternatives to shutting stores.

The planned closures have angered landlords, who are considering legal action. 

They say the plan leaves them out of pocket and warn they may oppose it at a creditors’ meeting on Friday.

They say refusing to back the plan would place the chain in the hands of administrators and could allow other operators to propose a different solution.

Sports Direct’s owner Mike Ashley is likely to be a key bidder if that happens, but is unlikely to take on all 59 stores as many are loss-making. 

 

Advertisement



Source link