House of Fraser risks collapse as rescue falls through

House of Fraser risks collapse as rescue falls through

House of Fraser risks collapse as rescue falls through

House of Fraser's (HoF) promised £70m cash injection from Chinese conglomerate C.banner has fallen through, putting the brand in a precarious position after it was forced to enter a company voluntary arrangement (CVA).

House of Fraser agreed a controversial restructuring deal with its landlords in June to cut stores and save money.

House of Fraser, which employs around 17,000 people, has said it is speaking to other potential investors about a rescue plan for the business.

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The group, which is now controlled by Chinese conglomerate Sanpower, said in June that it was shutting 31 of its 59 stores across Britain and Ireland, risking the loss of 6,000 jobs.

Indeed, David Jinks, head of consumer research at ParcelHero, believes the crisis House of Fraser now finds itself in clearly reflects the inability of older institutions to move as fast as modern e-commerce sites. The Chinese company also issued its own profit warning within the same hour.

In a statement to the Hong Kong stock exchange, C.banner said the share placing had been "rendered impracticable and inadvisable" and the agreement was therefore being terminated immediately. The announcement was made on 16 May of 2018.

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"In light of C.banner's announcement, House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment", HoF said in a statement.

Various market analysts have voiced their concerns about House of Fraser's immediate future, advancing it's highly likely the retailer went into administration.

It is understood that senior accountants have now been put on standby by House of Fraser's lenders to handle what would be the biggest high street failure since Woolworths collapsed a decade ago with 30,000 job losses. It is reported that he has approached the store with a potential investment plan.

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