News House of Fraser store closures confirmed

Discussion in 'Retail' started by Cody, May 3, 2018.

  1. Cody


    Feb 17, 2016
    House of Fraser recently consider entering into a CVA - you can read this here, and as of yesterday it was confirmed by the retail chain.

    There are plans for House of Fraser to go ahead with a CVA (Company Voluntary Agreement) in June, and although this will see many stores close, we can still expect a transformation for the chain in the future due to C.banner (parent company of Hamleys) signing a conditional agreement with Nanjing Cenbest (House of Fraser parent company) to acquire around a 50 per cent stake in the HoF business.

    This will certainly provide the valuable cash injection that House of Fraser needs to transform their business with store and business restructuring taking place in 2019.

    Currently it is unknown just how many stores will close, and how many jobs will be lost. However this information will be known at the start of June, just before they begin their CVA process.
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