Monday, 10 December, 2018

C.banner pulls out of House of Fraser rescue

House of Fraser is looking to cut its store network by more than half as part of a turnaround plan House of Fraser is looking to cut its store network by more than half as part of a turnaround plan
Laurie Berry | 04 August, 2018, 22:50

The reason? Well, it would appear C.banner's finances aren't faring too well either as its shares fell a whopping 70% in the last two months.

Richard Lim of Retail Economics said: "This is a real blow to House of Fraser".

House of Fraser revealed on Wednesday that it is looking at other options to obtain investment after China's C.banner cancelled a planned fundraising for its deal to become a majority shareholder in the troubled high street stores group.

The department store had agreed to a controversial restructuring deal with its landlords in June.

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Sky News sources now say that Mr Day - who is currently overseeing the move of the Edinburgh Woollen Mill headquarters from Langholm to Carlisle - is one of a small number of investors interested in picking up where C.banner left. The company now employs 17,500 people - 6,000 direct and 11,500 concession staff.

In response, House of Fraser said it was in talks with other investors and was exploring other financing options: "Discussions are ongoing and a further announcement will be made as and when appropriate". Mike Ashley is the founding director of Sports Direct.

Various market analysts have voiced their concerns about House of Fraser's immediate future, advancing it's highly likely the retailer went into administration. "Only then can House of Fraser offer the seamless brick and click multiplatform approach to sales that is essential for modern retailers".

House of Fraser was already seeking to shut more than half its department stores in the United Kingdom and Ireland through a British insolvency procedure. Hyman also put the retailer's difficulties in context, assuring the hurdles House of Fraser is going through reflected the "most hard retail market anyone has ever seen".

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