By Richard Hook2018-05-02T12:33:00
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.
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