House of Fraser is attempting to stay afloat during this tough period in the retail sphere, this involves the closure of half its UK stores, as it continues to struggle to revive sales and contain its debt pile.
The department store chain could be closing around 30 stores if its CVA plans are backed by creditors and landlords, although the exact number has yet to be decided, reported The Telegraph.
The move would mean the retail sector would be taking a hard hit. House of Fraser currently employees 6,000 people and 11,500 concession staff across its 59 UK stores.
According to reports, House of Fraser is struggling to win backing from landlords due to the large size of its stores.
Meanwhile, Chinese company C.Banner International has agreed to buy a 51% stake in the business, but the acquisition is conditional on House of Fraser restructuring its store portfolio.
