House of Fraser confirms stores to close

A question mark hangs over the future of Kent branches of House of Fraser after the department store confirmed a number would close.

It comes as the retailer looks to restructure to secure its future and a change in its ownership.

As part of a deal which will see Chinese retailer C.banner take a 51% share in the firm, House of Fraser will launch a company voluntary agreement (CVA) which will see some of its 59 stores in the UK close and the rent renegotiated on others.

House of Fraser stores to close as part of restructure
House of Fraser stores to close as part of restructure

Currently there are House of Fraser stores in Maidstone and Bluewater.

A CVA is implemented by struggling firms and will see it seek agreement to pay back its creditors over a fixed time period part, or all, of monies owed.

It is expected to be launched in June.

The number of stores closing and their location has not yet been revealed.

Chairman Frank Slevin said: "There is a need to create a leaner business that better serves the rapidly changing behaviours of a customer base.

"House of Fraser's future will depend on creating the right portfolio of stores that are the right size and in the right location."

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