House rescue online, Fraser is now in doubt

  • House rescue online, Fraser is now in doubt
    Independent.t. E.
    A rescue deal for the British retailer house of Fraser was questioned on Wednesday after S. banner has cancelled planned for a fundraiser for your business to become the largest shareholder in Department stores.
    https://www.independent.ie/business/world/house-of-fraser-rescue-deal-is-now-in-doubt-37176712.html
    https://www.independent.ie/incoming/article37176890.ece/f36dc/AUTOCROP/h342/ipanews_e183de09-53ba-4578-b8a9-d698b961cd2a_1

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A rescue deal for the British retailer house of Fraser was questioned on Wednesday after S. banner has cancelled planned for a fundraiser for your business to become the largest shareholder in Department stores.

House of Fraser said that the talks about alternative sources of investment continues, and an update will be provided if required.

C. banner international retailer, agreed in may to buy a 51pc stake in house of Fraser, but on Wednesday canceled a planned share placement to Fund the deal and announced a profit warning. “In light of the announcement of C. banner… house of Fraser talks with alternative investors and exploring the options to get the required investments on the same schedule,” 169-year-old seller said in the statement.

S. banner, a major retailer of mid-range to the premium brands of footwear in China, bought a London toy store Hamleys in 2015.

House of Fraser has decided to close shops in parts of the rescue deal, and in June creditors approved a restructuring plan that will see 31 of the 59 stores close early next year, with the loss of 6 000 jobs.

A string of UK retailers have either gone out of business or announced plans to close stores in recent months as they struggle with subdued consumer spending, rising labour costs, increasing property taxes and increasing online competition.

Reuters

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