UK's House of Fraser to close stores, secures C.banner investment

C banner International Holdings

02/05/2018 12:51

LONDON, May 2 (Reuters) - Britain's House of Fraser said it
would close some of its stores as a condition of securing new
funds from international retailer C.banner  1028.HK , which will
become the majority owner of the department stores group with a
51 percent stake.
    Existing shareholder Nanjing Cenbest, part of the Sanpower
Group, will remain a minority shareholder, the retailer said on
Wednesday.
    House of Fraser said it would launch a Company Voluntary
Agreement (CVA) next month to allow it to restructure its stores
portfolio.
    

 (Reporting by Paul Sandle, editing by James Davey)
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Messaging: paul.sandle.thomsonreuters.com@reuters.net))