House of Fraser calls in administrators

10 Août, 2018, 13:56 | Auteur: Auguste Feret
  • House of Fraser administration

After reaching a settlement with its landlords it was revealed that plans were still on track, but the sale to Sports Direct could mean the Lincolnshire stores will survive.

It it not clear how many of its 59 shops or 17,000 staff employed by the chain and its concession holders would be affected.

House of Fraser's Lincoln store is opening later on Friday, August 10.

"Pursuant to the transaction, the group has acquired all of the United Kingdom stores of House of Fraser, the House of Fraser brand and all of the stock in the business".

The firm said: "Significant progress has been made towards completing a sale of the group's business and assets".

The retailer has one store in Dublin and one in Belfast, though neither were in the cohort of outlets marked for closure under the rescue plan.

House of Fraser assured that its offices and stores will continue trading as normal while they look to reach a deal.

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"All stores will be open for business as usual today", it said in an announcement to the Luxembourg Stock Exchange earlier today.

A statement from Alun Hudson said: "We have worked very closely with management, its advisors and creditors in recent weeks and are pleased that we have been able to successfully conclude a sale of the business in short timescales which preserves as numerous jobs of House of Frasers employees as possible".

Events have moved quickly since the 169-year-old retailer told investors on Thursday it needed to raise new investment by 20 August.

"In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the group's financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace".

House of Fraser has been plunged into fresh crisis after C.banner, the Chinese owner of Hamleys, pulled its investment into the troubled retail chain.

The chain said discussions between interested investors and its main creditors did not conclude in a "solvent solution" and it has no choice but to appoint administrators.

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