Department store House of Fraser has confirmed plans to close stores as part of a company voluntary arrangement (CVA) after owner Nanjing agreed a deal to sell a controlling stake in the company to the owner of Hamleys.
Sanpower-controlled Nanjing has proposed a CVA in a move which will see it shut the weaker performing of its 59 stores across the UK and renegotiate rents on others.
Once the CVA is complete, a 51% stake in the chain will be sold to the Chinese footwear giant C. Banner, which also owns toy store Hamleys.
You must be logged in to view premium stories.
Take out a print and online or online only subscription and you will get immediate access to:
To get access to premium content subscribe today
Alternatively REGISTER for a free trial to access up to 4 articles and sign up for email alerts