Just days after House of Fraser resolved a legal row with a group of landlords and stated that it will go ahead with its plan to close 31 of its 59 stores in January, it is now reported that the struggling chain has set a deadline to secure fresh funds.
Unless the retailer secured fresh funds by 20 August, sources believe that the department store could fall into administration by the middle of next week. It has to pay suppliers more than £15m ahead of monthly rent bills. A fall into administration could also threaten 17,000 jobs.
In a related development, the potential buyers for House of Fraser have been told to submit final offers for the chain to PricewaterhouseCoopers by today.