House of Fraser is to close stores across the country, according to reports, including High Wycombe and Bournemouth. Department stores in Aylesbury and Chichester are also under threat – and even the flagship London Oxford Street store may close.
The retailer said that its ‘legacy store estate had created an unsustainable cost base’. The chain said it did not have a viable future unless it took drastic action to shut stores, as part of a rescue plan that landlords and creditors are being asked to accept.
The store at the Oracle, Reading, is not thought to be part of the slimming down of House of Fraser’s property estate. Up to 5,000 jobs are affected across the country by the store closures.
The cuts would form part of a CVA (company voluntary arrangement) to allow the company to continue trading and keep it from administration.
More details of the CVA are expected to be announced soon.