n a statement, the high street chain said the proposals are ‘central to the significant restructuring of the business, without which House of Fraser does not believe it has a viable future.’
They involve shutting 31 of its 59 outlets, including the flagship Oxford street store, by early next year. House of Fraser will be left with 28 stores, and also proposes to relocate its Baker Street head office and Granite House office in Glasgow to new locations to help to reduce costs.
The terms of the CVA are a condition of a proposed agreement for Chinese fashion company C.banner International Holdings Ltd to acquire a 51% stake in House of Fraser Group Ltd and introduce ‘significant’ new capital to the company, which has been hard hit by the move to online sales. According to Accountancy Daily https://www.accountancydaily.co/house-fraser-cva-cut-6000-jobs