In a massive blow to its 17500 staff, House of Fraser is to appoint administrators after negotiations with its investors and creditors failed to conclude in a “solvent solution”, according to reports.
The British retailer said that the business would continue trading, while administrators Ernst & Young would attempt to complete a sale.
Alex Williamson, chief executive of House of Fraser, added: “We are hopeful that the current negotiations will shortly be concluded.
“An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.
“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.”