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House of Fraser to shut half its stores

House of Fraser could be set to shut as many of 29 of its 59 stores, as it prepares to launch a company voluntary arrangement (CVA) in a bid to save the struggling business, The Daily Mail reports.

The department store’s Chinese owner, C Banner, is thought to be set to announce the decision imminently, as part of HoF’s restructuring process. The affected stores would largely be high street locations, and the flagship store on London’s Oxford Street could potentially be at risk.

Earlier this week, HoF claimed that its CVA plans were “still on track”, after media speculation that it was facing a backlash from landlords, as well as criticism from lenders over its proposals.

House of Fraser announced in May that the business was planning to launch a CVA deal, and revealed a loss of nearly £44m for the year to 31 December 2017, compared with a profit of £1.5m in 2016, as one-off start-up and operating costs in China dented revenue.

Readers' comments (4)

  • darren hoggett

    If this is the case, it is the first sensible piece of decision making from HOF for years, albeit several years too late.

    Its days as a largely failed corporate vanity project are over

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  • Another boring retailer bites the dust.
    It’s natural economic selection.

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  • Eric Musgrave

    Sad state of affairs for the HoF staff, but such drastic action is inevitable. It's interesting to consider that it took a foreign owner to make the move (if indeed this story is true). The vacant units, however, will not enhance the towns where they are.

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  • Good to see the new CEO did the trick. Oh.

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