House of Fraser is expected to close up to one in five of its 50 department stores as part of a strategic review. The move is designed to reverse the group’s poor trading record since a stock market floatation two years ago.
Interim figures out tomorrow are expected to show losses growing by two-thirds to around £7m. There is likely to be a warning of a £30m exceptional charge to cover redundancies and store closures. A repositioning of the remaining stores which will target them towards younger, more up-market customers, is promised.
- The Guardian 30/09/96 page 15
