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News House of Fraser calls for administrators - jobs at risk

Discussion in 'Business News & Resources' started by Erik, Aug 10, 2018.

  1. Erik

    Erik

    Joined:
    Sep 26, 2012
    Messages:
    2,824
    A very terrible day for thousands of employees of House of Fraser. The department store chain is now facing trouble, as it appoints administrators, with 31 of its 59 stores set to close and 17,500 jobs put at risk.

    [​IMG]

    This comes as an effect of the failed deal with C Banner International, a Hong Kong Based Retailer that cancelled plans of getting majority stake of the company which should have given the company £70 billion.

    The company however has said that business will continue and will remain open the next few days. However, they need to come up with £15 million by the 20th, which in turn will be used to pay suppliers.

    Definitely sad news, with thousands of jobs again going into trouble. With just a few days left, there are a few reported interested investors, although these are still unsure and still the potential of a full closure is high.
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