House of Fraser is also struggling to reach an agreement with its landlords. Photo credit – House of Fraser
House of Fraser future in balance after C.banner bid falls through
Struggling British department store chain House of Fraser faces an uncertain future after a rescue deal with Chinese firm C.banner reportedly fell through.
The deal, as we reported in June, would have seen 29 of House of Fraser’s 59 stores closed in order to cut the firm’s annual £44 million loss.
C.banner, the Chinese company that owns Hamley’s toy stores and MIO, had been revealed as the new buyer of a 51 percent stake in House of Fraser from previous owner Sanpower.
The agreement would have seen at least £70 million of cash injected into the department chain.
House of Fraser is also struggling to reach an agreement with its landlords.
In a statement, it criticised ”inaccurate and unhelpful media speculation” about the progress of these plans.
With rent payments due soon, and Christmas stock to pay for, the future of the company, sadly, looks bleak.