Home Business News Legal nod: House of Fraser set to close 31 stores in January

Legal nod: House of Fraser set to close 31 stores in January

by Purvai Dua
6th Aug 18 8:36 am

House of Fraser has reportedly resolved a legal dispute with a group of landlords that had challenged the retailer’s restructuring plan.

The group of landlords said in a statement, “the terms of the settlement are confidential but we can confirm that we have agreed to withdraw our legal challenge to the CVA.”

Following the settlement — the terms of which are confidential — the struggling retailer can go ahead with its plan to close 31 of its 59 stores in January.

House of Fraser confirmed that it was now “focused on concluding discussions with interested investors” and the out-of-court settlement with the landlords had removed “any risk to those discussions”.

The chain’s rescue deal has since been thrown into doubt after C.banner, an international retailer which had agreed in May to buy a 51 per cent stake in the group, cancelled the plans last week.

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