House of Fraser to close more than half of its stores including Oxford Street

Thursday, June 7 2018

House of Fraser to close more than half of its stores including Oxford Street

House of Fraser to close more than half of its stores including Oxford Street
Lauretta Roberts | 7th June 2018 0 0 House of Fraser Oxford Street
Struggling department store group House of Fraser has confirmed it is to close more than half of its stores, including its flagship on London’s Oxford Street , as part of a major restructuring and refinancing programme.
The business said it would close 31 of its 59 stores as part of a CVA proposal, which also includes a plan to seek rent reductions of up to 25% on 10 further stores. The plans put 6,000 jobs at risk.
Creditors of the department store are due to vote on its CVA proposal on 22 June and the deal is part of a refinancing programme that would lead to its Chinese majority owner Nanjing Cenbest (part of Sanpower) offloading a 51% to another Chinese group C.banner, which owns toy retailer Hamleys.
“The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive. Our legacy store estate has created an unsustainable cost base, which, without restructuring, presents an existential threat to the business,” said its chairman Frank Slevin.
“So whilst closing stores is a very difficult decision, especially given the length of relationship House of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive,” Slevin added.
The full list of stores proposed to close by early next year are:
Altrincham, Aylesbury, Birkenhead, Birmingham, Bournemouth, Camberley, Cardiff, Carlisle, Chichester, Cirencester, Cwmbran, Darlington, Doncaster, Edinburgh Frasers, Epsom, Grimsby, High Wycombe, Hull, Leamington Spa, Lincoln, London Oxford Street, London King William Street, Middlesbrough, Milton Keynes, Plymouth, Shrewsbury, Skipton, Swindon, Telford, Wolverhampton, Worcester. House of Fraser, Bluewater
Those which will remain open are: Gateshead Metro Centre, Huddersfield, Leeds, Manchester, Nottingham, Sheffield Meadowhall, Sutton Coldfield, Bluewater, Croydon, London City, London Victoria, London Westfield, Richmond, West Thurrock Lakeside, Bath, Bristol, Cheltenham, Cirencester, Exeter, Guildford, Maidstone, Norwich, Reading The Oracle, Rushden Lakes, Edinburgh (Jenners), Glasgow, Loch Lomond Shores (Jenners), Belfast.
Its stores in Dublin Dundrum and Solihull (Beatties) are not part of the proposal since they are separate legal entities. About Author / Lauretta Roberts
Lauretta Roberts is managing director and Editor-in-Chief of The Industry, having acquired the business along with business partner Antony Hawman in July 2015. She is also the former director of brand & propositions of trend forecaster WGSN and a former editor of Drapers magazine. You Might Also Like Your email address will not be published. Required fields are marked * Comment Connect with us THEINDUSTRYFASH TWEETS House of Fraser is set to close more than half of its stores, including its London Oxford Street flagship. We have the full list of all those stores proposed for closure and those which will remain open #retail https://t.co/XrtEJfnVdm Find us on Facebook ON INSTAGRAM @THEINDUSTRYFASHION 1 week ago by theindustryfashion Global luxury etailer NET-A-PORTER has pledged subscriptions of its PORTER magazine will be plastic-free by 2019 as it announces a partnership with Parley for the Oceans and dedicates its latest issue to tackling plastic pollution. Acclaimed photographer Mario Sorrenti shot supermodel and eco-warrior for the special edition, which will be mailed in paper envelopes. #fashion #sustainability #media #fashionmedia #plasticpollutes #plasticpollution #anjarubik #mariosorrenti #plasticfree #netaporter #portermagazine #parleyfortheoceans 1 week ago by theindustryfashion No fashion party is complete without a top DJ or two. On our home page this week, we speak to fashion's new favourite DJ-ing duo Lara Fraser and Laura Pradelska, AKA "The Lallas", who discuss how they broke though in a male-dominated market and which tracks get fashionistas on the dance floor. Visit our homepage to read more at www.theindustry.fashion #fashionandmusic #fashiondjs #femaledjs #djs #fashionparties #thelallas 1 week ago by theindustryfashion Exclusive preview. The Industry was give a personal tour of the “Viktor & Rolf Fashion Artists 25 Years” exhibition which has just opened at The Kunsthal in Rotterdam by curator Thierry-Maxime Loriot. Check it out on our homepage. And if you are in Rotterdam go! This exhibition tells the story of two small-down Dutch boys who went on to achieve international acclaim with their unique take on haute couture, and the clothes are off-the-scale amazing. This image, the designers shot by Anton Corbijn. See more images at www.theindustry.fashion #victorandrolf #thekunsthal #fashiondesigners #hautecouture #fashionexhibition #fashionandart #fashionindustry 20 hours ago by theindustryfashion Simon Carter, the founder & CEO of British menswear brand @simoncarterltd will be one of the panellists for our next event The Industry Meets British Menswear Leaders @WLondonHotel from 5pm on 25 June. Simon founded his business selling brooches on the King's Road more than 30 years ago and now presides over one the best known menswear brands in the UK with an increasing global presence. Hs empire includes five standalone stores and a presence in various multibrand retailers in the UK, as well as in global markets such as Australia, South Africa, Japan, China and the US. On top 2 days ago by theindustryfashion Our thoughts and condolences are with the family and friends of Kate Spade, a true fashion force who brightened our world. Thank you Kate and may you rest in peace #katespade #fashionforce #gonetoosoon Connect with The Industry