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Future of Croydon’s House of Fraser uncertain as firm announce store closures across UK

Future of Croydon’s House of Fraser uncertain as firm announce store closures across UK
May 03, 2018 Shaking Hands 0 comments
This post was first published by Croydon Advertiser on 02/05/2018.

Future of Croydon’s House of Fraser uncertain as firm announce store closures across UK

The retailer has announced plans for a restructure.

The future of Croydon’s only House of Fraser store is uncertain after the department store confirmed a number of branches around the country are to close.

The news comes as the retailer has announced plans for a restructure to secure its future and a change in its ownership.

As part of a deal which will see Chinese retailer C.banner take a 51% share in the firm, House of Fraser will launch a company voluntary agreement (CVA) which will see some of its 59 stores in the UK close and the rent renegotiated on others.

Currently there is a House of Fraser store in Centrale Shopping Centre, in Croydon town centre.

There is also a branch in nearby Epsom, in the Ashley Centre.

The number of stores closing and their location has not yet been revealed.

A CVA is implemented by struggling firms and will see it seek agreement to pay back its creditors over a fixed time period part, or all, of monies owed.

It is expected to be launched in June.

Chairman Frank Slevin said: “There is a need to create a leaner business that better serves the rapidly changing behaviours of a customer base.

“House of Fraser’s future will depend on creating the right portfolio of stores that are the right size and in the right location.”

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