House of Fraser to sell stake to Hamleys owner and close stores

House of Fraser to sell stake to Hamleys owner and close stores”

House of Fraser also has stores in Grimsby, Hull, Sheffield, Nottingham and Leeds amongst its 59 stores across the United Kingdom and Ireland; directly employing over 6,000 members of staff with annual sales of £1.3 billion.

House of Fraser is 89pc owned by Nanjing, a subsidiary of China's Sanpower.

Around 6,000 people work directly for House of Fraser but another 11,500 work at concessions in its stores.

House of Fraser has confirmed the sale of a 51% stake in its group, which may lead to the closure of some of its stores.

House of Fraser intends to launch a company voluntary arrangement (CVA) next month - under which some shops are likely to close in early 2019 and rents will be renegotiated on others.

The company said: "The reduction of the store portfolio will provide the business with an effective platform for future growth".

Chinese retailer C.Banner has acquired the existing shares from current owner Nanjing Xinjiekou, giving it majority control. However, we need to go further and faster if we are to confront the seismic shifts in the retail industry.

Two of those are in Edinburgh, with the historic Jenners department store owned by the chain and a separate House of Fraser outlet on Princes Street in the capital's West End.

"C.Banner's investment is a vote of confidence in our prospects".

"We know that if we are to deliver a sustainable, long-term business then we need to make hard decisions about our under-performing legacy stores".

FILE PHOTO: Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018.

House of Fraser's troubles came to the fore in January after it suffered a drop in sales over Christmas and started talking to landlords about reducing the size of its property portfolio.

As well as the Beatties store in Wolverhampton and another in Solihull, House of Fraser has branches in Birmingham, Telford and Shrewsbury.

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