Collapse could risk up to 17,000 staff
Struggling House of Fraser has reportedly been hit by another crisis after some of its major lenders have expressed frustration over a lack of clarity in the chain’s financing plans, just days before it is due to seek creditors’ backing for a restructuring deal.
The retailer, which plans to launch a store closure programme next week, has been holding talks with landlords in a desperate bid to secure their approval, fearing they could vote against the CVA.
The chain is racing to secure £70m in fresh funding, according to sources, and if this does not materialise, it could file a notice to appoint administrators. HoF collapse could risk 17,000 staff across its 59 stores.
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