British department store House of Fraser to appoint administrators - BBC

C banner International Holdings

10/08/2018 07:15

LONDON, Aug 10 (Reuters) - British department store House of
Fraser will seek the appointment of administrators on Friday
after negotiations with its investors and creditors failed to
conclude in a "solvent solution", reported the BBC. 
    The move into administration, a form of creditor protection,
puts up to 17,000 jobs at risk.
    House of Fraser said in June it needed to shut 31 stores and
make up to 6,000 people redundant to survive, but that rescue
plan was thrown into doubt after Chinese group C.banner
 1028.HK  pulled out of a plan to inject new equity.
    The retailer's current owners are Nanjing Cenbest, part of
China's Sanpower Group  SPGC.UL 

 (Reporting by Sarah Young, editing by James Davey)
 ((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))