House of Fraser rescue plans approved
Creditors have backed department store chain House of Fraser's plans to close more than half its stores.
The troubled retailer will now go ahead and shut 31 of its 59 shops nationwide and impose big rent cuts on 10 others that it intends to keep through a company voluntary arrangement (CVA), a form of insolvency proceedings.
It came up with the rescue package last month, aimed at saving the company from collapse.
All stores identified for closure are anticipated to trade until early 2019.
Up to 6,000 jobs will go as a resu... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
