Contrary to reports, House of Fraser is not on the brink of a collapse.
There were increasing reports last week that its major lenders were frustrated over a lack of clarity in the chain’s financing plans. House of Fraser has now hit back at such reports and clarified that its restructuring plan is ‘on track’.
The retailer also issued a statement saying that it was in close dialogue with its lending banks “who are supportive of the company’s plans” and the Chinese owners of Hamleys are set to become the majority stake holders as planned.
House of Fraser Chairman Frank Slevin further said: “We are on track with our plans to enter the proposed CVA agreement. The funding news from C.banner is another important milestone in this complex process.”
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